Bitcoin (BTC), the world's largest cryptocurrency, fell sharply, down nearly 3% in just a few hours, from $83,000 to under $80,000. At the time of writing, BTC was trading at $79,600, down 3.93% on the day.
A chart showing the decline in BTC prices over the past 24 hours.
After BTC showed resilience when BTC slumped last week following US tariff announcements, a sudden drop occurred amid widespread risk-off sentiment and ongoing liquidity changes in global markets ahead of Wall Street's opening bell. More than $390 million crypto positions have been settled in the last 24 hours, according to Coinglass data. Bitcoin accounted for $121.4 million of those liquidations, followed by Ethereum (ETH) at $108.6 million.
South Korea's leading exchange Upbit currently lists Bitcoin at a premium of 1.83%, but its overall crypto market capitalization has fallen to $2.59 trillion.
Ethereum has been hit particularly hard, falling to its lowest level since October 2023. Currently, ETH is down 65% from an all-time high, putting even more emphasis on investors' sentiment.
“After the delayed response on Friday, cryptocurrency is finally beginning to crack,” said economist and longtime crypto skeptic Peter Schiff. “Bitcoin has just hit its weekly low of $81,000. It could be a long day for people trapped in a Bitcoin ETF.”
Other major altcoins were also hit. Solana (Sol) saw $19.5 million in liquidation, $8.6 million in XRP and $7.8 million in Dogecoin (Doge).
*This is not investment advice.
