The cryptocurrency market experienced a significant downturn, leading to a cascade of liquidations amounting to over $1.76 billion in the past 24 hours. This event, marked as the largest liquidation since 2021, was triggered by Bitcoin's price dipping below $95,000, causing a $1.52 billion wipeout of overleveraged positions. The liquidation event was particularly harsh on altcoins, with Ethereum (ETH) traders facing $250 million in losses, followed by Bitcoin (BTC) at $189 million, and XRP at $100 million. The selloff was reportedly initiated by aggressive selling from Coinbase traders, leading to a broader market impact. Despite the turmoil, Bitcoin's price remained above $95,000, with some market observers noting a bullish sentiment amidst the chaos.