In a dramatic series of events, the cryptocurrency market witnessed significant volatility, with Bitcoin experiencing a flash crash that saw its price momentarily plummet to $8,900 on the BitMEX exchange. This sudden drop was triggered by a user selling more than 400 BTC, causing widespread panic and a temporary price dip. However, the price of Bitcoin has since stabilized, returning to around $65,000. This incident has led to investigations by crypto exchanges into the unusual activity. Concurrently, the market has seen over $623M in total liquidations, with over $550 million worth of liquidations occurring within a 24-hour span as Bitcoin's price fell below $64,000, including $514M in long positions and $109M in short. This has had a ripple effect on the broader market, causing a downturn in crypto-fueled stocks, including Coinbase, and a marketwide correction as major altcoins tumbled nearly 8%.