Bitcoin Price Sinks to $79,146 as Liquidations Rock Weekend Trading

Bitcoin’s price cracked below $80,000 on Saturday, touching its lowest price in more than a month as leveraged traders absorbed hundreds of millions in liquidations. The weekend selloff handed longtime bitcoin critic Peter Schiff fresh ammunition for an even darker prediction. Bitcoin’s price slipped to approximately $79,146 on Oct. 24, marking its second sharp test of the $80,000 threshold in roughly 10 days. By early afternoon, the cryptocurrency traded between $79,400, $79,700, and back above $80,000 again, down approximately 2.3% to 2.5% over 24 hours. The selling caught leveraged traders flat-footed. More than $810 million in cryptocurrency positions reportedly vanished within the last day, including approximately $689 million in bullish bets. Broader 24-hour liquidations show more than 200,000 traders wiped out, according to Coinglass.com stats.

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.