Bitcoin experienced a significant price drop on Saturday, falling below $81,000 and reaching its lowest point since November 21. This decline follows a rejection at $90,000 on Thursday and a brief recovery. Altcoins like Ethereum, BNB, and XRP also saw substantial losses. The market saw a surge in liquidations, approaching $1 billion in the past 24 hours, with longs bearing the brunt of the losses. Data from CoinGlass reveals approximately 240,000 traders were liquidated.
After a relatively calm and untypical Friday, in which BTC remains sideways around $83,000 and $84,000 while the precious metal market tanked, the cryptocurrency is dumping hard once again on Saturday.
Recall that the asset’s overall calamity began on Thursday when it was rejected at $90,000. In the following hours, itIt recovered some ground yesterday when it rebounded to $84,000, which now appears as a dead-cat bounce. At the same time, silver and goldHowever, the past few hours have brought more pain to the bulls, with BTC slipping to just under $81,000. This became its lowest price tag since November 21.Most altcoins are also deep in the red now. Ethereum is down by 7% in the past 24 hours alone, slumping toward $2,500. BNB and XRP have plummeted by 5-6% daily as well. It’s no wonder that the total value of wrecked positions is on the rise, approaching $1 billion in the past 24 hours alone. Naturally, longs are responsible for the lion’s share , while the number of liquidated traders has shot up to roughly 240,000, shows data from CoinGlass. The single-largest wrecked position took place on Hyperliquid and was worth over $13 million. Interestingly, it involved ETH, which is among the poorest performers in the past day.Bitcoin Whale Accumulation Hits Highest Level Since 2024 Amid BTC Price WeaknessJordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.Pi Network’s PI Token Finally Rebounds, Bitcoin Settles at $83K: Weekend Watch
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