The crypto market experienced a dramatic downturn on Thursday, with the global cryptocurrency market capitalization plummeting over 4% to $3.65 trillion. A major contributor to this decline was a significant sell-off in leading cryptocurrencies like Bitcoin, Ethereum, Binance Coin (BNB), XRP, Solana (SOL), and Cardano (ADA). The crash resulted in nearly $1.2 billion being wiped out from prominent crypto assets. This volatility also affected altcoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe, which saw significant percentage drops exceeding 6%. CoinGlass data revealed over $1.2 billion in crypto liquidations, with traders around the world experiencing substantial losses.