As selling pressure deepened, the Bitcoin price fell below $80,000 for the first time since April 2025.
BTC dropped more than 4% during the day, reaching $79,294. At the time of writing, the BTC price is trading around the $79,000 mark.
Bitcoin's weekly loss exceeded 11%. Its total market capitalization fell to $1.58 trillion.
The price drop triggered sharp liquidations in the futures market. In the last 24 hours, a total of $1.59 billion in positions were liquidated, with $1.47 billion of that being long positions. Liquidations exceeding $1 billion in just the last four hours highlight the speed and severity of the decline.
The pullback in Bitcoin has also led to sharp losses in the altcoin market. Ethereum fell to $2,433, losing more than 10% in the last 24 hours, while Solana dropped over 10% to $103. XRP, Dogecoin, and Cardano also experienced losses approaching double digits. BNB fell by over 7% to $786. The total market value decreased by approximately 4.7% in the last 24 hours.
The sell-off wasn't limited to major cryptocurrencies. PAX Gold (PAXG), known as tokenized gold, fell by 1.65% to $4,875, while the tokenized stock product Tesla (TSLAX) also lost over 2%. This shows that the risk-aversion trend has spread throughout the crypto ecosystem.
According to current data, Bitcoin needs to rise to approximately $1.69 million to reach the market capitalization of gold.
The reasons cited for the decline include Donald Trump nominating Kevin Warsh, considered a hawk, as his candidate for Fed Chairman, the market expecting fewer interest rate cuts than before, and geopolitical tensions.
