Bitcoin Falls Below $80,000 as Liquidations Reach $670 Million

2 min read
Bitcoin Falls Below $80,000 as Liquidations Reach $670 Million
PrimeXBT Editorial Team
Reviewed by PrimeXBT

Topics in article

Bitcoin fell below $80,000 on Saturday and touched a 9-day low of $79,750, dragging most altcoins lower. Liquidations on CoinGlass reached $670 million over the past day, and more than 213,000 traders were wiped out.

Bitcoin dipped below $80,000 on Saturday and reached a 9-day low at $79,750, where it found some support. It is the second time in about ten days that BTC has dropped under that level.

A rally near $85,000 fades

BTC neared $85,000 on Wednesday for the first time in about two weeks. The bears then regained control, and over the following 24-36 hours the price fell to $81,000.

BTC held between $81,000 and $82,000 on Friday. Bearish momentum returned on Saturday and pushed it under $80,000.

Altcoins follow Bitcoin lower

The drop took most altcoins with it. ETH sits below $2,350, BNB under $730, and XRP has confirmed its drop below $1.30.

ZEC and NEAR fell 7.5% and over 10%, respectively. SOL slipped below $100, and Crypto News Flash reports that it is Solana's first dip under that level since early September.

Liquidations climb to $670 million

The total value of wrecked positions reached $670 million on CoinGlass over the past day. Of that, $232 million came in the past hours alone, and $220 million of it was from long positions.

Over 213,000 traders have been wiped out in the same period. The single-largest liquidated position took place on Binance and was worth almost $12 million.

Sources: CryptoPotato, Crypto News Flash

Trading involves risk.

Most traded markets

BTC / USD
-2.36% 79,703.4
XAU / USD.24
-0.39% 3,979.64
ETH / USD
-4.28% 2,301.74
NEAR / USD
-8.89% 4.415
SOL / USD
-4.75% 99.62
ZEC / USD
-7.33% 1,144.22
View all markets

Author

PrimeXBT
Our Editorial Team consists of leading experts with a proven record in the fields of trading, cryptocurrencies, blockchain and finance. We thoroughly research the sources of information in order to provide readers with quality content that serves edu...
Read author’s articles
Alert Triangle Risk Disclaimer
Disclaimer: Some past publications may be outdated. We recommend following our news to stay up to date with the latest information. For any questions, feel free to contact our support team via the chat below.
The content provided here is for informational purposes only. It is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results.
The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.

Today in markets

Browse Crypto News

Register Now

Trading involves risk

Get started in minutes

Our clients love how fast and simple our sign-up is. It takes just a few minutes to get started!

Get Started Get Started
Get started in minutes

Need Help?

Risk Warning:
Trading in leveraged products carries a high level of risk and may not be suitable for all investors.