The cryptocurrency market has been down over the past 24 hours due to high funding rates, relatively low liquidity and reports that crypto exchange Mt.Gox has begun paying out victims of its 2014 hack.

- Futures market traders betting on higher prices lost more than $190 million in liquidations as Bitcoin (BTC) fell 4% before rebounding Wednesday morning.

- Of this amount, $45 million was in altcoin futures, which is an unusual move, while Bitcoin liquidations accounted for a relatively smaller loss of $36 million.

- Traders of Solana (SOL) tokens suffered losses of almost $20 million, and traders of Bitcoin protocol Ordinals (ORDI) suffered losses of $8 million.

- Crypto exchange Binance recorded liquidations in excess of $97 million, which is the highest among counterparties.

The decline occurred against the backdrop of the fact that the Mt. Gox appeared to begin paying out customers who lost 850,000 Bitcoin (BTC), worth about $36 billion, on Tuesday.