Bitcoin's price has seen a significant drop, losing around $6,000 in a short period of time after failing to stay above $100,000. After briefly rising above this level, the cryptocurrency quickly fell back, hitting a low of $94,300 on Bitstamp before recovering slightly to around $97,000.

The market turbulence has resulted in over $1.4 billion in liquidations, with almost $900 million occurring in the last hour alone, affecting more than 500,000 traders. The volatility has also impacted altcoins, with notable losses reported across various assets, including double-digit declines in several cryptocurrencies.

The total market capitalization of the cryptocurrency market has fallen from $3.750 trillion to below $3.5 trillion, currently stabilizing at around $3.610 trillion. In a particularly significant incident, the largest wrecked position involved Ethereum, valued at nearly $20 million, highlighting the widespread impact of the market's downturn.