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 by market capitalization also saw similar declines, with BNB falling nearly 4% to $528, Solana’s SOL dropping 7% to $146 and XRP trading down 4% to $0.56. DOGE and TRX were also down 6.5% and 2.25% respectively.

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