The cryptocurrency market experienced a significant downturn on Tuesday, with Bitcoin (BTC) leading the decline. Bitcoin plummeted to $64,600, resulting in a total of $440 million in liquidations, primarily affecting leveraged long positions. This sudden price change caught many traders off guard, leading to a chain reaction that impacted other cryptocurrencies.

Ethereum (ETH) fell by 2.18% to $3,440, while popular altcoins like Solana (SOL), Toncoin (TON), and Cardano (ADA) experienced even steeper declines, ranging from 4.70% to 6.70%. The meme coin sector was hit particularly hard, with Dogecoin (DOGE) falling by 8.40% and other meme coins like Shiba Inu, PEPE, Dogwifhat, and Floki experiencing losses exceeding 10%.

The recent market sentiment is partly attributed to the ongoing fight against inflation, with the Federal Reserve maintaining interest rates at a 23-year high. While inflation has shown some signs of easing, it remains above the Fed's 2% target, leading to expectations of ongoing uncertainty and price swings in the cryptocurrency market.

As the market continues to fluctuate, investors are advised to exercise caution and consider the potential risks and rewards. The cryptocurrency market is known for its volatility, and sudden changes can occur at any moment. Staying informed and up-to-date on market trends and news is essential for making informed investment decisions.

In conclusion, the cryptocurrency market has experienced a significant decline, led by Bitcoin's sudden drop to $64,600. The resulting liquidations and market downturn serve as a reminder of the importance of careful risk management and staying informed in this volatile market.