Bitcoin experienced a sudden flash crash on May 18, briefly dipping below $77,000, which led to over $527 million in global liquidations within an hour. The majority of these liquidations, amounting to $510 million, were from long positions. Ethereum also faced a sharp decline, falling below $2,100 before stabilizing at $2,127, marking a 2.33% decrease in the past hour. The rapid market movements have highlighted the volatility in the cryptocurrency market, impacting traders significantly.