Bitcoin (BTC) and altcoin traders using leverage are experiencing significant losses as the price of Bitcoin suddenly dropped below $58,000. According to crypto data aggregator Coinglass, over $448.49 million in liquidations occurred in the past 24 hours, with leveraged longs accounting for more than 84% of the total. The largest amount of liquidations took place on OKX, with $171.28 million, followed by Binance with $170.43 million, Huobi with $45.09 million, and Bybit with $37.22 million. Coinglass data also shows that during the same time period, $167.43 million worth of Bitcoin and $115.48 million worth of Ethereum (ETH) were liquidated, primarily from long positions. Other notable digital assets that experienced large liquidations include Solana (SOL), Dogecoin (DOGE), and Pepe (PEPE). Bitcoin’s price dropped from $61,335 to $56,757, currently trading at $57,429, representing a more than 6% decrease in the past 24 hours. Similarly, Solana is trading at $123, down nearly 5%, while DOGE is trading at $0.12, down almost 9%, and PEPE is trading at $0.00000619, down 8.6%. Traders are advised to exercise caution and conduct thorough research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.