The cryptocurrency market experienced a significant downturn, with Bitcoin's decline below $64,000 triggering over $550 million in liquidations within 24 hours. The total liquidations in the crypto market have now reached approximately $718 million, with Bitcoin and Ethereum facing the brunt of these liquidations at $178 million and $113 million, respectively. Bitcoin slid more than 7% in 24 hours. The majority of these liquidations occurred on Binance, with long positions on Bitcoin alone incurring losses of $100 million. Additionally, other cryptocurrencies like ETH, SOL, and DOGE saw a combined $120 million in long liquidations. This massive sell-off has led traders to eye the $55,000 level for Bitcoin.