Bitcoin's $700 Million Liquidation and Altcoins' Bleed Out: Crypto Market Turbulence Explained

The cryptocurrency market experienced a significant downturn, with Bitcoin plummeting to a multi-week low of around $61,000 and causing over $700 million in liquidations, following a sudden drop from $70,000-$71,000 after the latest US Fed speeches. Altcoins also suffered double-digit losses, contributing to a total market capitalization decline of around $200 billion in a day and more than $400 billion since Friday morning. The market crash has led to the liquidation of another 220,000 traders in the past 24 hours, with tensions between Israel and Iran potentially contributing to the latest price fluctuations.