HOT MOMENTS: Bitcoin Falls Below $80,000 Amid $390M Liquidations – What Triggered the Drop?
Bitcoin (BTC), the world’s leading cryptocurrency, faced a sharp downturn today, tumbling from $83,000 to below $80,000 in just a few hours
Derar Hadri 
Bitcoin (BTC), the world’s leading cryptocurrency, faced a sharp downturn today, tumbling from $83,000 to below $80,000 in just a few hours—a drop of nearly 3%. At the time of writing, BTC is trading at $79,600, down 3.93% on the day.
The decline comes amid growing risk-off sentiment and shifting global liquidity trends ahead of the U.S. stock market open. This drop follows Bitcoin’s brief show of strength after last week’s U.S. tariff announcements, which had sent shockwaves through traditional markets.
Massive Liquidations Hit the Market
According to data from CoinGlass, over $390 million in crypto positions were liquidated over the last 24 hours, with long positions accounting for $325 million of that total.
-
Bitcoin alone saw $121.4 million in liquidations
-
Ethereum (ETH) followed with $108.6 million
-
Other major altcoins hit include:
-
Solana (SOL): $19.5 million
-
XRP: $8.6 million
-
Dogecoin (DOGE): $7.8 million
-
Adding further pressure, South Korea’s Upbit exchange is showing a 1.83% premium on BTC, indicating rising local demand amid global volatility. Meanwhile, the total crypto market cap has dipped to $2.59 trillion, reflecting broad-based selling pressure.
Ethereum Hits Multi-Month Low
Ethereum (ETH) has taken a particularly hard hit, now trading at its lowest level since October 2023, and currently down 65% from its all-time high. The steep correction has further dampened investor sentiment across the market.
Peter Schiff Weighs In
Longtime crypto critic and economist Peter Schiff commented on the downturn, stating:
“After a delayed reaction on Friday, cryptocurrencies are finally starting to crack. Bitcoin just hit a weekly low of $81,000. It could be a long day for those stuck in Bitcoin ETFs.”
His remarks reflect growing concerns over crypto-related investment products, especially ETFs, which are highly sensitive to sudden price drops.
Conclusion
With over $390 million in liquidations, Bitcoin’s fall below the key $80,000 level has reignited volatility in the crypto market. As global macro pressures and liquidity concerns mount, investors are bracing for potentially more downside, especially in the altcoin sector.
