The cryptocurrency market witnessed a sharp jolt over the past 24 hours, with liquidations wiping out over $222 million across major exchanges. More than 89,000 traders were caught in the downturn, with one Binance user alone losing a staggering $12.2 million in a single Bitcoin trade.

Despite daily trading volumes exceeding $40 billion, Bitcoin showed little movement, hovering below $107,000 with less than a 1% price change. The world’s largest cryptocurrency continues to dominate the market with a 64.6% share, yet its sluggish momentum is raising concerns among investors.

Ethereum and XRP also failed to deliver significant gains. Ethereum is struggling to stay above $2,400, while XRP remains stagnant near $2.17. The broader market remains flat, even as trading volume jumped by 32%, pushing the total crypto market cap to $3.29 trillion.

The market’s sentiment mirrors this uncertainty. The Crypto Fear & Greed Index stands at 52 (neutral territory) indicating indecision among investors. While some altcoins like Arbitrum posted double-digit gains, others like Maple Finance saw a 7.5% decline, reflecting a lack of clear direction.

Analysts suggest that the market may be entering a correction phase. With sudden liquidations and volatile investor behavior, more turbulence could be on the horizon. Bitcoin may still be king, but in a market this unpredictable, confidence remains fragile.