Bitcoin (CRYPTO:BTC) surged to $64,000 before plummeting to $59,000, causing over $750 million in crypto liquidations within 24 hours.

This dramatic reversal led to widespread panic among leveraged traders, resulting in significant losses.

The CoinDesk 20 Index fell nearly 5%, with major cryptocurrencies like Ether (CRYPTO:ETH), Solana (CRYPTO:SOL), and XRP (CRYPTO:XRP) experiencing 4% to 9% losses.

The volatility highlighted the risks of leveraged trading in the crypto market.

Additionally, U.S.-listed spot Bitcoin ETFs saw record trading volumes, with BlackRock's IBIT witnessing $3.3 billion in shares traded.

This event underscores the inherent challenges and risks in cryptocurrency trading.