On Friday, April 12, 2024, the cryptocurrency market experienced a significant downturn, with Bitcoin plummeting over $4,000 to $66,440 by 3:15 p.m. ET, Ethereum dropping 9% to $3,216, and Dogecoin plunging 14.2%. The decline, which began early in the day, intensified around noon ET, leading to double-digit losses for many cryptocurrencies. While there were no major news catalysts, the week had been unfavourable for cryptocurrencies due to concerns over inflation, which led to increased interest rates and a selloff in tech and growth stocks. Additionally, regulatory uncertainty persisted, with the U.S. Securities and Exchange Commission (SEC) issuing a Wells notice to Uniswap, signaling potential legal action. This lack of regulatory clarity, coupled with leveraged positions and declining liquidity, exacerbated the crash. Liquidations totaling $668 million in long positions occurred within just four hours, far surpassing typical daily levels. The breadth of the crash was notable, affecting not only major cryptocurrencies but also smaller tokens. Amidst ongoing volatility, the market faces uncertainty regarding potential reversals in trends fueled by speculation and leverage. As interest rates rise and earnings season commences, investors may seek safer investments, contributing to further market instability.