Bitcoin falls below $81,000 as crypto liquidations pass $1.1bn
Bitcoin dropped under $81,000 on Thursday, touching an intraday low of $80,507, as Brent crude hit $105 and total crypto liquidations topped $1.1bn, led by ether.
Why it matters: Bitcoin's slide below $81,000 and $1.14bn in liquidations show how Middle East tensions and the oil surge are feeding into crypto markets.
Key points
- Bitcoin fell below $81,000 to an intraday low of $80,507, losing more than $1,500 in an hour.
- Total crypto liquidations reached $1.14bn, with ether accounting for $333m, per CoinGlass 24-hour data.
- Bitcoin's market capitalisation fell from $1.74tn on Monday to just above $1.62tn.
Bitcoin dropped below $81,000 on Thursday as a marketwide sell-off hit crypto, with several altcoins posting daily losses above 5%.
Hours earlier it had struggled to hold the $83,000 support level set late Tuesday, having already slid from $85,000. The cryptocurrency has been weakening since a failed attempt to breach $87,000 on 6 Oct, and was recently trading about 3% below its 1 Oct opening price of more than $84,200. Its market capitalisation fell from $1.74tn on Monday to just above $1.62tn.
Liquidations were heavy. CoinGlass 24-hour data showed about $270m in long bets on Bitcoin liquidated, while total crypto liquidations reached $1.14bn. Ether saw the largest combined liquidations at $333m. Social media speculation pointed to a possible sale of coins seized from the Bitfinex hacker, which the US government recently moved to Coinbase Prime, though analysts said there is no evidence the $1bn in Bitcoin has been sold.
Some observers expect further falls. Another commentator said a convincing break of the $81,000 neckline could push it lower still.
Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of Bitcoin.com News’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.