Crypto Market Faces Turbulence as Bitcoin Dips and Traders Liquidate $1.7B

The cryptocurrency market experienced its largest single-day liquidation, with over $1.7 billion liquidated in 24 hours, affecting 569,214 traders. Ethereum and Dogecoin were among the hardest hit, with $350 million in combined losses. The market cap dropped by 4.11% to $3.47 trillion, while trading volume surged by 114.40% to $352.9 billion. Bitcoin's dominance increased, indicating a shift in market dynamics and further challenges for altcoins. Analysts suggest that altcoins may struggle to recover amid the current bearish sentiment.