After reaching a peak above $93,000 per coin, Bitcoin experienced a significant drop, falling over 6% in 24 hours to $87,805. Ethereum also faced a downturn, with a price decrease of about 8%, dropping to $3,083. This rapid correction has resulted in substantial liquidations in the crypto market, with approximately $617 million in positions closed, of which $444 million were long positions. Bitcoin accounted for a large portion of these liquidations, totaling $179 million. Other cryptocurrencies, including Dogecoin and a number of major altcoins, also saw declines, but they are still up significantly compared to last week. The market reaction coincides with anticipation surrounding Federal Reserve Chair Jerome Powell's speech regarding future monetary policy, leading to fluctuations in both the crypto and stock markets. Despite the recent dip, major digital coins remain higher than previous levels as investors adjust to market conditions.

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