To Make The Cupcakes:

1. Allow butter and egg whites to stand at room temperature for 30 minutes. Meanwhile, line twenty-four baking cups with paper bake cups (or coat with cooking spray). In a medium bowl stir together flour, baking powder, salt, and baking soda. In a separate bowl, whisk together buttermilk and cherry juice until combined; set aside.
2. Preheat oven to 350 degrees F. In a large mixing bowl beat butter with an electric mixer on medium to high speed for 30 seconds. Add sugar, vanilla, and almond extract; beat until combined. Add egg whites, one at a time, beating well after each addition. Alternately add flour mixture and buttermilk mixture to beaten mixture, beating on low speed after each addition just until combined.
3. Spoon (or use a cookie scoop to transfer) batter into prepared muffin cups, filling each about two-thirds full. Bake for 15 to 18 minutes, or until tops spring back when lightly touched. Cool cupcakes in baking cups on wire racks until completely cooled.
4. Frost the cupcakes using a piping bag (with a star tip), or spread the frosting on with a knife. If desired, top with cherries.

To Make The Frosting:

1. In a large mixing bowl beat butter with an electric mixer on medium speed until smooth. Gradually add 2 cups of the powdered sugar, beating well. Beat in maraschino cherry juice and almond extract. Gradually beat in additional powdered sugar. If necessary, beat in additional juice or milk, 1 teaspoon at a time, until frosting reaches a spreading consistency. Makes 4 cups frosting.