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Bitcoin dropped below $82,000 on Thursday, leading a broad pullback across the largest cryptocurrencies.
The CoinDesk Market Index, which tracks dozens of digital assets, fell 4.4% over 24 hours. Bitcoin (CRYPTO: $BTC) lost 2.1% to $81,658, per CoinMarketCap data, while its 24-hour trading volume climbed 21% to $46.2 billion. Ether slid 4.3% to $2,459.
Altcoins took steeper hits. Cardano’s ADA (CRYPTO: $ADA) tumbled 9.6%, Solana’s SOL (CRYPTO: $SOL) gave up 6%, BNB (CRYPTO: $BNB) shed 5.4% and Dogecoin (CRYPTO: $DOGE) lost 5.5%. XRP declined 3.7%.
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Leveraged trading magnified the decline. Roughly $1 billion in positions were liquidated over 24 hours with long bets making up the vast majority and Ether accounting for the largest share, followed by Bitcoin
Traders were also weighing rising oil prices tied to Middle East tensions, elevated U.S. Treasury yields and continued outflows from spot crypto exchange-traded funds, pressures that have weighed on risk assets more broadly this week.
The total value of the crypto market shrank 2.7% to $2.76 trillion, while trading volume rose 16% to $120.5 billion, a sign selling pressure drew heavier activity.
Source: finance.yahoo.com