The cryptocurrency market has experienced a significant downturn, with the total market capitalization dropping below $3 trillion to approximately $2.95 trillion. This decline is marked by substantial price drops in major cryptocurrencies, including Bitcoin, Ethereum, and XRP. Bitcoin's price has fallen to $86,744, Ethereum to $2,841, and XRP to $2.06, amid increased market volatility and selling pressure. In the past hour, nearly $400 million in long positions have been liquidated, highlighting the market's instability. Analysts suggest that the crash is driven by thin liquidity and high leverage, rather than any negative fundamental developments.