Bitcoin Price Plummets Below $80,000 Amid Surge in Liquidations
The cryptocurrency market, typically characterized by subdued weekend activity, has experienced a significant downturn, with Bitcoin (BTC) falling below the $80,000 mark for the second time in approximately ten days. This decline has dragged most altcoins down with it, leading to a renewed surge in liquidations. Data from CoinGlass indicates that over 210,000 traders have seen their positions liquidated in the past 24 hours alone.
Just days prior, on Wednesday, the primary cryptocurrency had been on an upward trajectory, approaching $85,000 for the first time in about two weeks. However, this rally proved short-lived, as bearish sentiment quickly reasserted control.
In the subsequent 24 to 36 hours, Bitcoin dropped to $81,000, managing to hold its ground between that level and $82,000 through Friday. The prevailing bearish momentum intensified on Saturday, pushing the cryptocurrency below $80,000. Bitcoin reached a nine-day low of $79,750, where it has found some temporary support.
Altcoins have mirrored Bitcoin’s decline. Ethereum (ETH) has fallen below $2,350, Binance Coin (BNB) is trading under $730, and XRP has confirmed a drop below $1.30. Solana (SOL) has also slipped below $100 for the first time in a considerable period, while Zcash (ZEC) and NEAR Protocol (NEAR) have seen substantial drops of 7.5% and over 10%, respectively.
The total value of liquidated positions over the past 24 hours has surged to $670 million, according to CoinGlass. Of this, $232 million was liquidated in the last few hours, with $220 million stemming from long positions, as is typical during sharp downturns.
The sheer number of affected traders is also notable, with over 213,000 market participants having their positions wiped out in the last day. The single largest liquidation occurred on Binance, valued at nearly $12 million.
