The cryptocurrency market experienced a severe downturn, with liquidations totaling approximately $1.4 billion in the last 24 hours. Reports indicate that around $1.15 billion of long positions and $149.4 million of short positions were liquidated during this period. The decline was attributed to Bitcoin dropping below $76,000, which triggered a wave of sell-offs among traders. Additionally, in the past hour alone, another $200 million was liquidated as market volatility continued. This situation has led to a significant number of traders being affected, with reports of over 244,774 liquidations occurring within the last day. The market's instability has raised concerns among investors and analysts alike.