Cryptocurrencies faced substantial losses in the last 24 hours. Bitcoin briefly fell to a low of $58,034, marking a 24-hour drop of 6.5%.
Ethereum hit a low of $2,392, a 24-hour drop of 9.4%. The sudden downturn triggered $313 million in liquidations of leveraged crypto derivatives positions over the past 24 hours.
Other top cryptocurrencies also faced declines during this period, contributing to the overall turbulence in the market.
