The cryptocurrency market has experienced a substantial downturn, with over $1.23 billion liquidated in the past 24 hours. This figure includes more than $1.1 billion in long positions, as traders reacted to a significant drop in prices. Bitcoin, for instance, fell to approximately $96,782 per coin during this period. Reports indicate that around 373,368 traders were affected by these liquidations, highlighting the volatility and risks associated with leveraged trading in the crypto space. The rapid sell-off has raised concerns among investors about the market's stability and potential further declines.