Bitcoin Plunges Below $82K, ETH, XRP, Solana Slump As Crypto Crash Deepens
Bitcoin plummeted below $82K while Ethereum (ETH), XRP, and Solana (SOL) all tumbled as the crypto crash deepened.
The crypto market cap tumbled more than 9% in the past 24 hours to around $2.83 trillion, liquidations exceeded $2 billion, and Bitcoin headed for its worst monthly performance since June 2022 following the collapse of Do Kwon’s TerraUSD stablecoin a month earlier.
BTC dived to as low as $81,653.55 but has since pared losses to trade at $82,635.49 as of 6:40 a.m. EST.
BTC price (Source: CoinMarketCap)
SOL, XRP, And ETH Plunge Along With The Rest Of The Top 20
Altcoins slumped along with BTC, with Ethereum (ETH) dropping more than 10%, keeping the token’s value below the psychologically important $3K mark. XRP also plummeted over 10% while Solana (SOL) plunged over 11%.
Aside from stablecoins, every top 20 crypto tumbled, with Hyperliquid (HYPE) worst hit with an 18% loss
Liquidations Surpass $2 Billion
The crypto market has been in a fragile state since the record $19 billion liquidation event on October 10, following US President Donald Trump’s threat to impose 100% tariffs on China’s exports.
Traders took another hit in the last 24 hours with CoinGlass data showing liquidations surpassed $2 billion.
Long positions, which are bullish bets for the market, suffered $1.87 billion in liquidations, while shorts accounted for just $146.6 million.
BTC trades alone accounted for $1.02 billion of the amount that was liquidated.
Retail Market Still Mixed On What BTC Will Do Next
On-chain intelligence firm Santiment said that the retail market is still divided on what BTC’s price will do next following the recent drop.
“Social volume still shows a mixed bag of dip buying optimism and doom and gloom, with very little ‘in between’,” the firm wrote on X.
It added that a bottom signal would be if the majority of predictions are for BTC to drop below $70K.
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