In less than 24 hours, major cryptocurrencies have fallen by more than 25%, with Bitcoin (CRYPTO: $BTC ) down about 7% and Ether (CRYPTO: $ETH ) down 20% during the morning trading session.

Other major tokens, including Ripple (CRYPTO: XRP), Dogecoin (CRYPTO: DOGE) and Cardano (CRYPTO: ADA) have fallen by more than 25%, reversing all gains made since December.

This sharp decline has wiped out gains made since the beginning of December, reaching levels not seen since early November before the US election. In fact, many other major tokens have fallen by 40-50% in the last month alone.

The sharp price decline has led to significant liquidations, with total liquidations across exchanges exceeding $2.2 billion, the highest so far this year and among the largest of last year. A single liquidation order on Binance, involving a $25 million margin Ethereum trade of the Tether (CRYPTO:USDT) token, suggests the seriousness of the market’s decline