In the past 24 hours, the Bitcoin market has experienced significant liquidations totaling approximately $464 million as the cryptocurrency's value dipped below $58,000, marking a nearly 12% drop. This downturn saw Bitcoin's lowest price just under $57,000, while Ethereum dropped to around $2,800, with other cryptocurrencies also following the downward trend. The liquidations included $100 million in Bitcoin, with short side liquidations reaching $12 billion as Bitcoin momentarily spiked to $71,800. Long side liquidations were comparatively lower, under $1 billion as Bitcoin dropped to $58,000. Overall, long positions worth around $314 million were also liquidated during this period.