Bitcoin fell to about $76,500 as a wave of $1.7 billion in liquidations tore through the crypto market on August 22, wiping $108 billion off total market value in six minutes. The sell-off snapped a rally that had carried Bitcoin near $80,000 and pushed investor sentiment to its greediest level since October 2025.
$1.7 billion wiped out in minutes
The total crypto market fell from $2.68 trillion to $2.55 trillion as selling pressure spiked. According to CoinGlass data cited by Coinpedia, 281,846 traders were liquidated in 24 hours for around $1.71 billion in total losses. $574 million was wiped out in just four hours as long positions came under pressure.
Over the past four days, more than $4.5 billion in long positions have been liquidated across crypto, making it the seventh largest liquidation event in crypto history. Open interest across cryptocurrencies fell by $3.34 billion, or 5.18%, showing how fast leverage came out of the market.
Bitcoin, Ether, and XRP drop sharply
Bitcoin's rally from $63,600 to $79,500 had earlier triggered about $2.7 billion in short liquidations, but the trend reversed on August 22. Bitcoin then fell to around $76,500 within six minutes, and about $257.77 million in long positions tied to it were liquidated.
Ethereum recorded about $293.34 million in liquidations as its price dropped to about $2,426. XRP saw the sharpest decline of the three, falling about 12% from $1.70 to $1.51, a move that liquidated around $121.71 million.
Altcoins lose $53 billion in a single candle
The TOTAL3 market cap, which tracks crypto excluding Bitcoin and Ethereum, fell from $784 billion to $731 billion in a single candle. That erased about $53 billion, a decline of roughly 6.7%, while Bitcoin fell about 2.5% during the same move.
Greed hit a 2026 high right before the drop
The crash followed a rally that had carried Bitcoin to just under $80,000, its highest level since mid-May, after weeks stuck below $65,000. Monetary changes announced by the US Treasury Department drove the move, pushing Bitcoin about $15,000 higher in roughly 48 hours to a three-month peak.
As a result, the fear and greed index climbed to a reading of 71, the highest score since last October and only the second time this year that greed has dominated the metric.
The level analysts are watching
Crypto analyst The Martini Guy called Bitcoin's broader uptrend intact despite the pullback, pointing to $70,500 as the key support level after price broke above $67,200 and then $70,500 in prior weeks. According to That Martini Guy: "The level I'm watching most closely now is $70,500."
Bitcoin's recent high near $78,800 is now the main resistance level, and the analyst believes the recovery could continue if BTC holds above $70,500 — though losing that support could weaken the current bullish setup.
Sources: Coinpedia Fintech News, CryptoPotato
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