The cryptocurrency market has experienced a tumultuous period, with over $1.3 trillion in value wiped off since reaching its all-time high on December 16, 2024. In the past 24 hours alone, liquidations have surged, with reports indicating amounts ranging from $900 million to $1 billion liquidated from various positions. Notably, long positions accounted for the majority of these liquidations, with figures as high as $638.6 million reported in just the last 12 hours. This concentrated liquidation activity is part of a broader trend, as the market has seen at least nine days in the past 16 with liquidations exceeding $700 million. Additionally, former President Donald Trump's cryptocurrency portfolio has reportedly declined by over $300 million in the last four weeks, reflecting the broader market downturn. The market is now grappling with the implications of these losses and the potential for further volatility.