Crypto Market Faces Turmoil as Bitcoin and Ethereum Prices Plunge

Major cryptocurrencies see sharp declines, triggering widespread liquidations and raising investor concerns.

Bitcoin and Ethereum prices dropped by over 4%, with Bitcoin falling below $58,000.
Market liquidations exceeded $175 million in the past 24 hours, primarily affecting long positions.
U.S. CPI data release and government Bitcoin transfers contributed to market instability.
Bitcoin ETFs experienced significant outflows, while Ethereum ETFs saw modest inflows.
Analysts predict potential further declines but anticipate a possible rebound in the last quarter of the year.