The cryptocurrency market is in turmoil today as both Bitcoin (BTC) and Ethereum (ETH) have experienced significant price drops, sending shockwaves across the financial community. As of this writing, Bitcoin has fallen to $26,298.74, marking a 9.04% decline in the last 24 hours, while Ethereum’s price has tumbled to $1,620.54, showing a 10.5% drop within the same period.

The sudden dip in prices has resulted in massive liquidations across various exchanges. Data reveals that in the last 24 hours, liquidations reached an astounding $992.12 million, affecting 166,688 traders. Binance, a leading cryptocurrency exchange, witnessed the largest single liquidation order for Ethereum, valued at $55.92M.

Off a cliff

The 24-hour liquidation amount has skyrocketed to $996.6 million, marking a …