The cryptocurrency market experienced significant turmoil, with Bitcoin's price falling to a two-week low of $64,251.13 and further dropping below $64,000, leading to widespread liquidations. Over $663 million was liquidated from the crypto markets in the last 24 hours, with Bitcoin and Ethereum facing heavy liquidations of $178 million and $113 million, respectively. The slump to under $64,000 caused over $440 million in liquidations for crypto-tracked futures betting on higher prices, with a total of $623 million in liquidations noted. Additionally, the market saw a further $100 million liquidated in just one hour as Bitcoin dropped below $63,000. This volatility has led traders to eye the $55,000 level, with major altcoins tumbling nearly 8% and causing a marketwide correction. Prior to the drop, $2.2 billion in longs were opened at $64,500, with the top of the range target for shorts at 71k. It was also noted that there are now $8.1 billion worth of shorts to liquidate at Bitcoin $75,500.