The cryptocurrency market has experienced a significant downturn over the past 24 hours, resulting in a total liquidation of over $140 million as Bitcoin continues its downtrend. Long positions are the most affected, with traders experiencing major losses. OKX and Binance recorded the largest amount of liquidations, accounting for $48.3 million and $44.94 million, respectively.

Bitcoin experienced a drop in prices below $27,000, hitting a seven-week low on May 12. The decline was part of a broader trend affecting cryptocurrencies, with the market cap down 2.75%. Ethereum also saw a drop, hitting its weakest point since March.

Bitcoin has experienced significant growth this year, but its price has fallen from above $30,000 to just above $26,000 in recent weeks. Crypto analyst Ali Martinez has identified a buy signal on Bitcoin's 4-hour chart, with a potential upside of 4.5% from current levels. However, BTC could also swing either way, depending on whether it can hold above the current $26,000 support level.

The Ethereum price has experienced a 4% loss in the last 24 hours and a 7% decline on the weekly chart due to weakened bullish momentum. Technical analysis suggests significant bearish pressure, with the coin's value remaining stagnant at around $1,800.

Binance's trading volumes and liquidity have been decreasing in the first quarter of 2023. This is due to the end of their zero-fee promotion and the recent spate of U.S. banking failures. As a result, Bitcoin's liquidity on Binance has decreased significantly, leading to increased volatility.

Bitcoin's price fell below its 55-day support at $27,000 on May 12, resulting in a two-day, 7% correction to $26,155 and the liquidation of $100 million worth of long BTC futures contracts. Despite this, Bitcoin margin and futures markets showed strength during the downturn, giving hope for a recovery towards $28,000.

Turkey's upcoming presidential election on May 14th is gaining global attention as it could potentially end President Recep Tayyip Erdogan's long-standing reign. The current government is facing accusations of producing deepfake propaganda material against the opposition party on the DarkWeb.

Bitcoin experienced a crash on Friday, dropping to $26,166 and struggling to rise above $26,500. CryptoQuant, a crypto market analytics platform, suggested that a coordinated FUD (fear, uncertainty, and doubt) campaign against the primary cryptocurrency may be responsible for the recent fall, leading to a wave of liquidations.

Binance, a cryptocurrency exchange, is taking measures to increase liquidity in the market, which has been negatively affecting Bitcoin and Ethereum prices. To achieve this, Binance is launching additional BTCUSDT and ETHUSDT daily options from May 15, which will increase trading and liquidity.

The recent trend of meme-coin fever has caused a commotion in the Bitcoin community, leading to an increase in Bitcoin fees and blockchain congestion due to the creation of tokens based on the new BRC-20 standard. While some believe that Bitcoin should only be used as an alternative currency, others argue that it is an open protocol and should be used for any form of value exchange. To address the issue of rising transaction fees and congestion, developers are considering code upgrades that can alleviate blockspace limits and improve the overall system. However, any restrictions on speculative activities must be carefully evaluated to maintain Bitcoin's censorship-resistance. The governance conversation should focus on balancing individual rights with the interests of the group, which is a fundamental challenge for any blockchain community.