The cryptocurrency market has experienced another significant downturn, completely erasing the gains accumulated over the past few days. Bitcoin, the leading digital currency, has plummeted to the $59,000 level amidst a broader decline in the overall crypto market capitalization.

Just yesterday, Bitcoin was displaying a promising upward trend as it reclaimed the $63,000 mark. However, within a span of 24 hours, all of these gains have been obliterated. At its lowest point during this period, BTC dropped to $58,000 before making a slight recovery to its current price above $59,000.

Ethereum has also been hit hard by this market turbulence. The second-largest cryptocurrency by market cap saw an 8% drop in its value. Within 24 hours, ETH fell from a high of $2,700 to a low of $2,400, reflecting the widespread volatility affecting the market.

The overall cryptocurrency market has faced a tumultuous hit, witnessing a 6% decrease in value over the last 24 hours, according to data from CoinMarketCap. This dramatic downturn has resulted in nearly all of the top 20 altcoins experiencing single-digit losses.

Despite the anticipation surrounding Nvidia’s Q2 earnings report, which had initially driven up AI tokens, the market crash has also dragged these tokens down, wiping out their recent gains.

Coinglass data reveals that total crypto liquidations have surpassed $320 million within the last 24 hours. More than 87,700 traders have been liquidated, with the largest single liquidation amounting to $12.67 million. The specific reasons behind this sell-off and subsequent price drop remain elusive.

Amidst this widespread market crash, there are a few exceptions. The newly launched meme coin sensation DOGS, the popular Solana meme coin POPCAT, and Toncoin have managed to trade in positive territory. DOGS and POPCAT have each increased by 2%, while Toncoin is hovering around $5.3 with a modest 1% gain.

Toncoin had previously nosedived by over 21% following the arrest of Telegram founder Pavel Durov in France. Tonscan data indicates that the TON network may be facing an outage as no transactions have been processed in the last four hours.

The crypto fear and greed index has plummeted to a fear level of 30. Just yesterday, this index was at a neutral stance of 48, according to Alternative data. The sudden shift in investor sentiment has triggered widespread fear and panic, as evidenced by the data.

In summary, the crypto market has endured a sharp and sweeping decline over the past day, significantly impacting major cryptocurrencies like Bitcoin and Ethereum along with most altcoins. This downturn has been exacerbated by massive liquidations and declining market sentiments, creating a challenging environment for investors.