Bitcoin, the world's largest cryptocurrency, has sharply fallen to $79,600 amid overall market downturn and liquidation of positions.
Steep Drop in Bitcoin Price
Bitcoin has dropped from $83,000 to $79,600, marking a decline of nearly 3%. As of the time of writing, Bitcoin is trading at $79,600, down 3.93% on the day.
Liquidations in the Crypto Market
In the past 24 hours, over $390 million worth of crypto positions have been liquidated, including $325 million in long positions. Bitcoin accounted for $121.4 million of those liquidations, while Ethereum contributed $108.6 million.
Expert Comments
Economist Peter Schiff commented, "After a delayed reaction on Friday, cryptocurrencies are finally starting to crack. Bitcoin just hit a weekly low of $81,000. It could be a long day for those stuck in Bitcoin ETFs."
The Bitcoin price continues to fluctuate amid market instability. Liquidations and expert comments highlight the risks investors are facing.
