The cryptocurrency market suffered a massive blow on Jan. 31 as Bitcoin (BTC) crashed below $80,000.
BTC fell 5% in a day to trade at $78,479.21 at the time of writing. It’s Bitcoin’s lowest price crash since April 2025, when the cryptocurrency crashed following U.S. President Donald Trump unleashing “Liberation Day” tariffs.
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To put things in perspective, Bitcoin’s current price is only 5% above the average price at which Strategy (Nasdaq: MSTR), the world’s largest Bitcoin treasury company, has purchased the coins, as per the onchain analytics platform Arkham Intelligence.
Other cryptocurrencies also crashed following the king coin.
Ethereum (ETH) fell around 12% to $2,395.58. BNB fell 8% to $779.57, XRP 11% to $1.56, and Solana (SOL) 11% to $103.44.
The total crypto market cap declined more than 6% in 24 hours to $2.73 trillion at the time of writing. In fact, over $100 billion of market cap has disappeared in the last five hours.
As per the onchain analytics platform CoinGlass, over $1.61 billion worth of crypto positions have been liquidated within the last 24 hours. It includes $1.46 billion in long and $127.8 million in short positions.
Ether, with $560 million, led the crypto liquidations, followed by $481 million in Bitcoin positions and $95 million in Solana positions.
In the past 24 hours, 358,161 traders were liquidated.
An Ether liquidation order worth $13.38 million on Hyperliquid turned out to be the largest single liquidation order during the last 24 hours.
A crypto analyst, who goes by the X handle called “Daan Crypto Trades,” said on Jan. 29 that Bitcoin isn’t “extremely far off” its 200-week moving average (WMA).
It has often been a “great value area for long term buys” at this level, he added.
The 200 WMA is a long-term technical indicator that averages an asset’s closing prices over the past 200 weeks.
