Bitcoin’s value experienced significant volatility on Friday, plunging to approximately $81,000—the lowest point since April—before briefly rebounding above $85,000, only to fall once more. This turbulence in the cryptocurrency market led to over $2.2 billion in liquidations as other coins faced steeper declines compared to Bitcoin.
Since reaching a new all-time high of over $126,000 in early October, Bitcoin’s value has plummeted more than 33%. The recent trading day proved tumultuous, as major altcoins like Ethereum, XRP, Solana, and Dogecoin recorded substantial losses, only to demonstrate slight recoveries amid the chaos.
At the time of reporting, Bitcoin was trading around $83,619, reflecting a more than 7% drop for the day. Ethereum, now priced at $2,728, alongside XRP at $1.93 and BNB at $818, all incurred daily losses approaching 9% or greater. Dogecoin saw a more drastic decline, falling about 12% in the last 24 hours. Notably, XRP emerged as the biggest loser over the week among the top 10 cryptocurrencies, shedding roughly 15% of its value.
The sharp downturn and subsequent fluctuations had a profound impact on the futures market, with CoinGlass documenting approximately $2.2 billion in liquidations within a 24-hour window, predominantly driven by short positions. Bitcoin accounted for a significant portion of these liquidations, with $1.14 billion wiped from the books.
Earlier in the day, nearly $1 billion vanished within the span of just an hour as Bitcoin dipped below the $82,000 mark, reaching a nadir of $81,050, as per data from CoinGecko. This liquidation event marks one of the most substantial market wipeouts since October 10, when a staggering $19 billion in positions was lost following heightened tensions stemming from tariffs announced by President Trump against China.
As the situation unfolds, further updates are expected, with market participants closely scrutinizing price movements and potential recoveries.
