The cryptocurrency market experienced a significant downturn this week, with major cryptocurrencies like Bitcoin, BNB, Ethereum, and Dogecoin dropping by roughly 3% to 5%. This abrupt price decline raises questions about the factors driving this recent volatility. While some expected a gradual climb towards a potential rally, the charts turned lower, leaving investors confused and speculating on what triggered the sudden shift. Several key factors contribute to this market downturn, according to analysts. A broader market drop of 4.49% over the past 24 hours further underscores the significant correction. The biggest shock came from leveraged long positions that lost a massive $150M after Bitcoin’s fall below the $90k threshold. This sudden price drop triggered liquidations and accelerated the selloff. 13.6% of the previous week’s decline was added to the current losses, highlighting the persistent downward pressure on the market.