Its safe to say that bitcoin went through one of its most painful 24 hours as the asset plunged by over 10%, which in terms of USD meant a $10,000 decline.

Such massive volatility not only brought the entire crypto market down but caused mind-blowing liquidation numbers of $1.6 billion on a 24-hour scale. One particular wrecked position, though, caught many peoples attention.

Data from CoinGlass shows that nearly 390,000 traders have been wrecked in the past day. Naturally, almost all of the $1.59 billion in liquidations was caused by longs, as they comprise roughly 90% of the total ($1.43 billion).

A single whale, though, operating on the Justin Sun-affiliated exchange, HTX, was hit the hardest during this most recent crash by losing $39.62 million. This largest liquidation order involved the BTC/USDT trading pair and represents over 5% of all bitcoin positions that were wrecked today.

Cryptocurrency Liquidations. Source: CoinGlass This comes amid a highly volatile and painful day for the cryptocurrency market. Bitcoins price started to head south yesterday afternoon, despite Strategys most recent purchase, and slipped from $96,000 to $94,000. However, the real turmoil came today as the cryptocurrency plunged to $86,000, which became its lowest level since mid-November.

Moreover, BTCs losses since Friday have extended to over $13,000, and here are some of the potential reasons behind this massacre.

After losing such a substantial chunk of its value within mere days, analysts are now torn about whether this is a regular correction during a bull market or its all over for this cycle.

Ali Martinez noted that BTC has broken down from a parallel channel that started in November. He envisioned an even more steep crash that can take bitcoin south to $80,000. Consequently, he advised investors to be wary as there might be a more favorable time to buy the dip.