Bitcoin Price Suddenly Dumps Below $80K as Liquidations Surge to $670M

Although most weekends are typically quite sluggish for the crypto market, this one has turned out differently for now, with BTC dumping below $80,000 for the second time in the past ten days or so.

The asset has taken most altcoins with it, and the liquidations are on the rise again. According to data from CoinGlass, over 210,000 traders have been wrecked in the past day alone.

It was just several days ago, on Wednesday, when the primary cryptocurrency was riding high as it neared $85,000 for the first time in about two weeks. However, this rally seemed doomed from the start, and it didn’t take long for the bears to regain control and halt it.

In the following 24-36 hours, BTC tanked to $81,000 but managed to maintain between that lower boundary and $82,000 on Friday. The predominantly bearish momentum, though, came out to play on Saturday once again, and the cryptocurrency just dipped below $80,000, going to a 9-day low at $79,750, where it found some support, at least for now.

The altcoins have followed suit. ETH is below $2,350, BNB is under $730, while XRP has confirmed its drop below $1.30. SOL slipped below $100 for the first time in a while as well, while ZEC and NEAR have tanked hard by 7.5% and over 10%, respectively.

The total value of wrecked positions on a daily basis has skyrocketed to $670 million on CoinGlass. $232 million came in the past hours alone, and $220 million was from long positions, as expected.

What’s perhaps even more painful is the number of wrecked traders, as over 213,000 such market participants have been wiped out in the past day. The single-largest liquidated position took place on Binance and was worth almost $12 million.

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