The cryptocurrency market experienced a sudden drop, leading to the liquidation of over $348.98 million in the last 12 hours. Bitcoin and Ethereum led the market drop, with long positions worth over $309 million being liquidated. Analysts attribute the correction to the market alleviating pressure following the impressive surge in prices, signaling a natural part of market dynamics. This sudden drop resulted in over $396 million in liquidations in the last 24 hours, with the bulk of it coming from long positions.