The crypto market experienced a devastating correction, with $350M worth of longs being liquidated. In just two-three days, the majority of altcoins plummeted by 30%, causing investors to suffer heavy losses. Short sellers were also caught off guard, with $50M in short positions being liquidated. Cardano (ADA) suffered the most with a 40% drop, followed by Binance Coin (BNB) at 23%.

XRP and Ethereum (ETH) showed better resilience, losing 11% and 7% of their values respectively. Assets recently labeled as "securities" by the SEC in their complaint against Coinbase suffered even more, with the additional layer of regulatory uncertainty amplifying market volatility and pushing prices lower.