In a dramatic turn of events, the cryptocurrency market experienced significant turmoil as Bitcoin's value plummeted, causing widespread financial impact. Reports indicate that over $88 million was wiped out of the market as Bitcoin's price dropped below $63,000 in a single hour. The situation escalated within a 24-hour period, with the decline of Bitcoin below $64,000 resulting in over $550 million worth of liquidations. Adding to the market's instability, a crypto exchange is currently investigating a flash crash that sent Bitcoin's value tumbling down to $8,900.