Preheat oven to 350°F. Spray two 12-count muffin pans with nonstick spray or line with cupcake liners.
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.
In a large mixing bowl, cream butter and sugar for about 2 minutes.
Add vanilla and almond extract; beat until combined.
Add egg whites, one at a time, beating well after each addition.
Alternate adding the flour mixture and buttermilk mixture to beaten mixture, beating on low speed after each addition just until combined.
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 and a toothpick insert in the center comes out clean.
Allow to cool in the tin for 5 minutes, then transfer to a wire rack to cool completely
Frost the cupcakes using a piping bag (with a star tip), or spread the frosting on with a knife. If desired, top with a cherry.
TO MAKE THE FROSTING:
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.
Notes
Store at room temperature in an airtight container for up to 3 days.