Cryptocurrency markets saw a massive selloff on Monday, leading to large-scale liquidations across the board. 

What Happened: According to data from CoinGlass, more than $456 million was liquidated from 146,000 cryptocurrency traders in the last 24 hours.

Bitcoin (CRYPTO: BTC) alone saw $157 million in liquidations as the leading digital asset fell to an intra-day low of $39,373.

Ethereum (CRYPTO: ETH) saw $106 million worth of liquidations as its price fell to $2,962.

Dogecoin (CRYPTO: DOGE) saw $10 million liquidated as the meme-coin plummeted 10.7% to an intraday low of $0.133.

The single largest liquidation took place on Bitmex on a BTC/USD trading pair, in which a trader lost $10 million.

The majority of long traders lost the most, with $411 million worth of long liquidations over the past 24 hours. Comparatively, only $44 million worth of shorts were liquidated.

Market analysts warned that cryptocurrencies could face short-term volatility driven by derivative markets. Glassnode data shared by on-chain analyst Will Clemente shows that futures open interest is at its highest ever level relative to market cap.