7 months ago
Bitcoin Drops Below $80,000
Bitcoin, the biggest digital money, dropped below $80,000, which is the lowest it's been in 10 months.
This happened because many people were selling their digital money, and not many were buying.
Because of this, the whole digital money market lost a lot of value, around $111 billion.
Also, many people who had bets on Bitcoin, both thinking it would go up and down, lost over $1.6 billion when their bets were closed suddenly.
Other digital money like Ether and Solana also dropped a lot.
Now, some people are moving their money to safer things like gold and silver instead of digital money.
This is because they are worried about the regular money used in countries and the problems in the world.
Bitcoin didn't go up even when gold and silver did, which is unusual.
Some people think this is because of problems in the Middle East and delays in new rules for digital money.
Bitcoin dropped below $80,000, reaching a 10-month low of $78,159.41, a 7.1% decline.
The crypto market lost around $111 billion in value over 24 hours.
Over $1.6 billion in long and short positions were liquidated, with significant activity in the last four hours.
Other cryptocurrencies like Ether and Solana also saw significant declines.
Investors are shifting to traditional safe havens like gold and silver due to concerns about fiat currencies and market volatility.
- Who
- Bitcoin investors and traders, traditional safe haven investors
- What
- Bitcoin price plunge and market liquidations, shift to gold and silver
- Where
- Global cryptocurrency market, New York
- When
- Over the last 24 hours, with significant liquidations in the last four hours
- Why
- Market sell-off, weak buying interest, thin trading volumes, delays in US market-structure regulations, growing tensions in the Middle East
Crypto Investors
Traditional Safe Haven Investors
Investment Strategy
Crypto Investors
Continue investing in cryptocurrencies despite the recent downturn, believing in long-term potential.
Traditional Safe Haven Investors
Shift investments to traditional safe havens like gold and silver due to concerns about fiat currencies and market volatility.
Key facts
- Token
- Bitcoin
- Value Lost
- $111 billion
- Liquidations
- $1.6 billion
- Timeframe
- 24 hours
- Source
- CoinGecko
- Lowest Price
- $78,159.41
- Percentage Drop
- 7.1%
- Other Affected Tokens
- Ether, Solana
Quotes
Laurens Fraussen
Analyst at Kaiko
“Looking at historical crypto exchange volume contractions, from 2017’s peak throughout the 2018–2019 winter, we saw a 60% to 70% volume decline across spot exchanges.”
livemint.com
“In terms of where I think we are in the current cycle, probably about 25% of the way through. Cyclically speaking, we usually see our worst drawdown at around the 50% mark.”
livemint.com
Richard Hodges
Founder of Ferro BTC Volatility Fund
“I speak with a lot of Bitcoin whales and I have told them categorically that they’re not going to see another all-time high for 1,000 days.”
livemint.com
“Bitcoin was like three-years-ago news, not today. AI stocks are going to the moon. We saw the beginning of the gold ramp up, then silver went ballistic.”
livemint.com
Paul Howard
Director at market maker Wincent
“I don’t think we’ll see a new all-time high for Bitcoin in 2026.”
livemint.com
Sources
Bitcoin sell-off continues as token plunges to 10-month lows, loses another $111 billion in value
$1.6 billion in crypto bets wiped out as Bitcoin slips below $80,000 – investors turn to gold, silver
Bitcoin slips to $78,566.83, down 6.55% in 24 hours amid market fears, risk aversion — Here's what happened
