In the past hour, over $120 million in liquidations have rocked the cryptocurrency market, wiping out overleveraged traders in a swift and brutal move. Such liquidations are not uncommon in the crypto space, where high volatility and leverage trading fuel dramatic price swings. Possible causes include a sharp price move (market volatility), leverage wipeout & cascade liquidations, macroeconomic or regulatory news, whale manipulation or market makers liquidating traders, or large derivative expirations.