In a significant market downturn on Friday, Bitcoin's value plunged by 5% to below $66,000, causing a ripple effect across the cryptocurrency market with many altcoins tumbling by 15-20%. This sharp decline led to a massive liquidation event, with approximately $500 trillion being liquidated on Binance.com, and altcoins experiencing a loss of around $6 billion in open interest, marking a 30% drop in total open interest. The cryptocurrency market saw its liquidity severely drained, with Bitcoin, Ethereum, and Solana experiencing notable price drops to $65,000, $3,100, and $141 respectively. This event is being described as a pre-halving pullback, accompanied by miner capitulation and targeted liquidation ladders against cross-collateralized leverage.