Crypto liquidations near $2 billion as bitcoin rout deepens
Bitcoin's price drop to $82,000 triggered nearly $2 billion in crypto liquidations, pushing the market cap below $3 trillion.Summary
Crypto markets experienced a significant downturn on Friday, with approximately $2 billion in leveraged positions liquidated as Bitcoin's price plummeted to as low as $82,000. This decline brought the total crypto market capitalization below $3 trillion for the first time since spring. Over 396,000 traders were affected, including a $36.78 million BTC-USD position on Hyperliquid. The sell-off is attributed to accelerating ETF outflows, mixed macroeconomic conditions, and thinning liquidity. Bitcoin is down over 30% from its October high and is on track for its worst monthly and quarterly performance since 2022 and 2018, respectively. Analysts suggest the market is entering a 'capitulation zone,' with potential support levels around $84,000 (BlackRock's IBIT cost basis) and $73,000 (MicroStrategy's cost basis).
(Source：The Block)