Bitcoin and the broader cryptocurrency market experienced a tumultuous trading day, with the primary cryptocurrency plummeting to its lowest price position in over two months, dipping below $59,300. The situation for altcoins was even grimmer, with Ethereum (ETH) dropping below $3,000 and several other major coins witnessing double-digit declines.

Earlier in the day, bitcoin bulls had seized control, propelling the asset close to $65,000 for the first time in several days. However, the failure to breach this crucial level resulted in a swift rejection, triggering a sharp decline. The disappointing debut of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong exacerbated the sell-off, causing bitcoin to shed several thousand dollars and continue plummeting in subsequent hours.

The downward spiral saw bitcoin's price plummet below $60,000, reaching as low as $59,100, its lowest level since the end of February.

ETH also suffered significant losses, declining by over 7% in the past 24 hours and trading well below $3,000. Other major altcoins such as Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Avalanche (AVAX), Chainlink (LINK), and Uniswap (UNI) experienced similar or even more severe losses, with some dropping by double digits.

As a result of the sharp market downturn, the total value of liquidated positions surged to nearly $400 million within a single day. Over 110,000 traders were liquidated during this period, with the largest single liquidation on Bybit exceeding $5 million.

The volatile market conditions underscore the challenges faced by traders and investors in navigating the cryptocurrency market, highlighting the importance of risk management strategies in mitigating losses during periods of extreme volatility.