Sunday evening finds bitcoin ( BTC) trading at $81,678, bouncing back slightly from its dip to $81,551. Over the last week, BTC has slipped 4.27% against the dollar, leaving holders a bit less cheerful.
Weekend Woes: Bitcoin Dips Toward $80K as Altcoins Take 9-12% Hits
This article was published more than a month ago. Some information may no longer be current.
WRITTEN BY
SHARE
From $81,551 to Digital Ashes
The crypto market has hit a rough patch this weekend, and bitcoin’s slide isn’t letting up. Day by day, the numbers keep inching downward, and bitcoin is edging toward the $80,000 threshold. At 8 p.m. Eastern Time, the cryptocurrency market as a whole reflects a 0.41% decline, settling at $2.66 trillion in total capitalization.
Bitcoin ( BTC) retreated 4.27% against the dollar this week, while ethereum ( ETH) endured a 9.7% contraction and XRP faced a sharper correction, losing more than 12% of its value over the last seven days. Sunday’s trading activity remained subdued, with volume slipping 17% below yesterday’s pace. BTC touched its intraday low of $81,551 precisely at 6:10 p.m. Eastern Time, marking the session’s weakest moment.
Data from cryptoquant.com reveals a tepid Coinbase Premium Index, signaling muted buying enthusiasm among U.S. investors. This contrasts sharply with vigorous exchange-traded fund (ETF) inflows and comparatively energetic accumulation by South Korean retail traders. While bitcoin maintains a global average near $82,239 across major exchanges, Upbit’s South Korean platform commands an $83,676 premium – a telling disparity in regional demand.
The market’s gradual descent has nonetheless triggered $192.64 million in derivatives liquidations over the past day. Bitcoin longs contributed $44.08 million to this carnage, with ethereum positions adding $45.09 million to the tally. Binance hosted the day’s most spectacular flameout – a $13.31 million ETH/ USDT position reduced to digital ashes. In total, 69,760 traders found their leveraged bets unraveling within a single trading session.
