The cryptocurrency market experienced a significant downturn on Wednesday, with over $860 million in leveraged long positions being liquidated across major cryptocurrencies. This massive selloff, triggered by unexpected US inflation figures, led to sharp declines in the prices of Bitcoin, Ethereum, XRP, and Dogecoin, all falling around 9%. Traders were caught off guard by this move after witnessing a period of record highs earlier this month. Bitcoin’s price tumbled below $124,000, while Ethereum fell below $3,700, losing over $349 million in just long positions. This sudden market correction was driven by the release of US inflation data that exceeded expectations, leading to a shift in the risk-reward landscape and prompting traders to unwind their positions quickly.