The crypto market experienced a significant downturn this past 24 hours, with Bitcoin hitting a new low of below $102,000. Market analysts attribute the decline to an increase in leveraged liquidation activity across the board, wiping out billions of dollars worth of positions. The sell-off wiped off approximately $70 billion from the overall crypto market capitalization, leading to a notable drop in global values. 157,000 traders were impacted by over $630 million in liquidations, with longs accounting for the majority of losses. Bitcoin and Ethereum took the lead in liquidation activity, while XRP saw a modest dip despite positive weekly gains. Traders are currently navigating a period of high volatility, as short-term technicals signal ongoing weakness in the market. The recent correction suggests that traders were caught off guard by the latest downturn and reacted to tightening financial conditions and declining market breadth. This volatile phase may reset leverage dynamics in derivatives markets, potentially paving the way for a more sustainable recovery once liquidity stabilizes.