After a brief recovery, the crypto market was back in the red. The largest cryptocurrency by market, Bitcoin (CRYPTO: BTC), dropped below $36,000 on Friday, following a sell-off in U.S. equities. 

Reports suggested the plunge came as traders priced in higher interest rates to curb inflation in the U.S.

According to the Coinglass data, liquidations on crypto-tracked futures exceeded $407,000,000 in just 24 hours. 

That included over $340.30 million worth of long positions that were wiped out, along with $67.3 million worth of short positions being liquidated. 

Some of the most significant liquidations came from Bitcoin traders. Positions on more than 2,000 BTC worth $72.7 million were liquidated over 24 hours, followed by Ethereum (CRYPTO: ETH) at $39.53 million.

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In a Twitter post, analytics firm Santiment said that Bitcoin saw the biggest loss in over a year, followed by a strong liquidation. 

 It also mentioned that Bitcoin witnessed massive on-chain activity amid the crypto market pullback.

At the time of writing, Bitcoin was trading at $36,035, up 0.74% in the last 24 hours, but down 6.6% in the last seven days. 

Ethereum was trading at $2,686.25, up 0.39% in 24 hours, while dropping 5.07% in the last seven days.