The cryptocurrency market experienced significant volatility, with Bitcoin's price fluctuating sharply. Bitcoin fell below $70,000, triggering panic selling and liquidations totaling over $315 million, including $277.35M in the past 24 hours. The price briefly touched $71,400 before retreating to $69,000, a drop of nearly 4%. This volatility led to a broader market retreat, wiping out nearly $1 trillion from the U.S. stock market. MicroStrategy, a company heavily invested in Bitcoin, also saw its stock price fluctuate, highlighting the interconnectedness of traditional and crypto markets. The SOPR dropped to 1.01, indicating weakened profit margins for short-term holders.