Bitcoin and Ethereum prices have dropped, leading to significant liquidations in the cryptocurrency market. Over $500 million in long positions and $100 million in short positions have been liquidated in the past day. The total liquidations across various digital assets contracts have reached hundreds of millions of dollars, with Bitcoin experiencing a slide of over 7% in 24 hours. The market witnessed a heavy correction, with Bitcoin dropping below $62,000 and Ethereum decreasing from $4,000 to $3,100 in the past week, resulting in the crypto market losing $400 billion. Meme coins have also plummeted following a flash crash in Bitcoin. Various cryptocurrencies like Bitcoin, Ethereum, SOL, FLOKI, and WIF have seen prices tumble, with a record of $654.35 million liquidated in the last 24 hours.