Recently, the price of Bitcoin suddenly dropped by more than 6%, hitting $65,000. This caused the broader cryptocurrency market to decrease by over 7.8%, with top altcoins falling by 8-15%.

Approximately $925 million in bullish crypto bets were liquidated in the last 24 hours due to this sharp drop. Geopolitical tensions have caused a ruckus in the financial world, making investors turn to traditional safe options like bonds and the dollar.

The S&P500 and gold prices have also dipped along with cryptocurrencies, indicating investor concerns about CPI and inflation rates. Meanwhile, derivative traders are getting nervous as Bitcoin options' implied volatility rises, hinting at a lack of confidence in the market's future direction.

This increased volatility can be worrying for investors as it signifies a higher chance of sudden unpredictable price movements. Despite this, some traders are willing to pay extra for options to protect themselves from potential losses.

Overall, the cryptocurrency market is seeing significant declines, with popular altcoins like Ether, Solana, Dogecoin, Cardano, and Polkadot falling by double digits due to the market turbulence.