The cryptocurrency market recently endured a major downturn, often described as a bloodbath. This market upheaval saw leading altcoins, along with Bitcoin, experiencing considerable losses. Bitcoin, which had struggled to maintain the $100,000 mark, saw its value drop below $97,000.
This significant drop in Bitcoin's value triggered a wave of liquidations across the market. The total liquidations amounted to approximately $1.76 billion, causing further decline within the market. These developments have been closely tracked by platforms such as Coinglass, which reported that around $1.36 billion were in the offing.
