Bitcoin, the leading cryptocurrency, has plummeted by 7%, reaching its lowest price point since April 5th, 2024, at $65,214. This downward trend has not been limited to Bitcoin alone; other prominent cryptocurrencies such as Solana and Dogecoin have also witnessed steep declines of approximately 18% and 19%, respectively.

The root cause of this market turbulence can be traced back to the liquidation of bullish positions on cryptocurrencies.&middot

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