Bitcoin Price Drops Below $80K as Market Liquidations Top $815 Million
Bitcoin price drops below $80,000 following massive liquidations and ETF outflows, prompting warnings from critics like Peter Schiff.
Bitcoin Price Drops Below $80K as Market Liquidations Top $815 Million
Bitcoin price drops below $80,000 following massive liquidations and ETF outflows, prompting warnings from critics like Peter Schiff.
Bitcoin Price Drop Triggers Market Liquidation Wave
The latest Bitcoin price drop has sent shockwaves through the cryptocurrency market after the flagship asset plunged below the key $80,000 threshold. According to CoinGecko data cited by U.Today, the leading cryptocurrency briefly dipped to approximately $79,226 on October 24, reaching its lowest valuation in over a month. This downward movement followed a period earlier in the week when the asset had neared the $85,000 mark on Wednesday, October 21.
The sudden market correction resulted in extensive financial damage for leveraged traders. CoinGlass data indicates that more than $815 million in leveraged cryptocurrency positions were wiped out within a 24-hour window, with bullish traders bearing the brunt of the losses. During a single four-hour block, roughly $404 million in long positions were liquidated.
Institutional Outflows and Critic Warnings
The declining valuation coincided with a sharp pullback in institutional interest via U.S.-listed spot Bitcoin exchange-traded funds. These investment products registered approximately $635.5 million in net outflows on Thursday alone, pushing combined withdrawals across two trading sessions to roughly $773 million. Critics were quick to comment on the market instability as traditional financial markets closed for the weekend.
Prominent Bitcoin critic and gold advocate Peter Schiff took to social media to highlight the breakdown, pointing out that spot ETF investors face limitations because they cannot exit positions over the weekend. Schiff warned that the digital asset could target $75,000 next, noting that a failure to defend that level might introduce deeper corrections. Despite managing a brief recovery above the $80,000 mark, market participants remain cautious as broader macroeconomic factors loom.
About The Author
