Cryptocurrencies experienced a decline on Tuesday evening, leading to a surge in liquidations, as reported by CNBC. Bitcoin's price dropped by 6.2%, reaching $59,504.68, according to Coin Metrics. Ether saw an even larger fall of over 8%, dropping to $2,457.61. CoinGlass data shows that the futures market witnessed $93.52 million in long ether liquidations, forcing traders to sell their assets at market price to cover their debts across centralized exchanges. Additionally, $85.93 million in bitcoin liquidations were recorded.