The cryptocurrency market has taken a u-turn in the past hour, with the majority of coins dropping considerably. Bitcoins price now trades below $70K, while the market sees close to $200 million worth of liquidated positions.

BTC took a sudden hit as its price plummeted below $70K following what many considered a renewal of the bull run.

Source: Binance via TradingView As seen in the chart above, the move was relatively sudden, completing a decline of around 2.5% in the past few hours. The drop is not specific to Bitcoin, as virtually all of the leading altcoins are also crashing. Binance Coin is down 3% over the past hour alone, while DOGE dropped by more than 6%. Ethereum lost 3% as well, XRP around 4$, Solana about 3.6%, and so forth. This also resulted in considerable liquidations across leveraged long positions, which currently amount close to $200 million, according to data from Coinglass.