The cryptocurrency world experienced a jolt as Bitcoin faced a sudden crash yesterday morning. The price of BTC plummeted from nearly $70,000 to around $67,000 in a matter of minutes, triggering massive liquidations across the market.

Data indicates that over $500 million worth of positions were liquidated in the last 24 hours, with long positions bearing the brunt of the impact. While some analysts view this as a healthy correction to reduce leverage, the crash's timing coincides with Bitcoin's upcoming halving event, which has historically proven bullish for its price.

The altcoin market followed Bitcoin's lead, with major coins like Ethereum, Cardano, and Avalanche suffering significant losses. Meme coins were not spared either, as Dogecoin and Shiba Inu retraced considerably, while Dogwifhat on the Solana network saw a substantial 15.3% drop.

Amidst the sea of red, a few altcoins like Core and Bittensor's TAO managed to defy the trend, posting double-digit gains. However, Bitcoin SV emerged as the worst performer, declining by over 12%.

As the markets grapple with this volatility, investors will closely watch the impact of the upcoming Bitcoin halving and the potential resurgence of meme coins, which have shown remarkable resilience in recent weeks.