Bitcoin falls below $80K as weekend sell-off erases $160B

Bitcoin (CRYPTO:BTC) faced a sharp decline over the weekend, dropping below the $80,000 mark and wiping out $160 billion in market value.

By Sunday evening, Bitcoin was trading at $79,385, after hitting an intraday low of $78,639.

This represents a 4.3% drop against the U.S. dollar and a 9.3% contraction over the past 30 days.

The sell-off triggered significant losses across the cryptocurrency market.

Ethereum (CRYPTO:ETH) fell by 10.5%, XRP declined by 6.6%, and Binance Coin (CRYPTO:BNB) dropped 5.8%.

Solana (CRYPTO:SOL) and Dogecoin (CRYPTO:DOGE) both lost 9.5% of their value in the past 24 hours.

Other tokens also saw steep declines, with TAO (CRYPTO:TAO) down 14.7%, WLD (CRYPTO:WLD) falling 13.7%, and OP (CRYPTO:OP) retreating by 13%.

The crypto derivatives market recorded substantial liquidations during this period, with $603 million wiped out by Sunday afternoon.

Of this total, $165 million were Bitcoin long positions, while $148 million were Ethereum long bets.

The volatility exposed the fragility of leveraged positions, intensifying losses as Bitcoin fell below critical price thresholds.

Bitcoin’s downturn comes amid heightened trading activity, with weekend trading volumes reaching $4.43 billion—nearly double Friday’s figures.

However, this surge in activity failed to stabilise prices or restore investor confidence.

Market analysts attribute the sell-off to broader macroeconomic concerns and profit-taking after Bitcoin’s recent rally above $84,000 earlier in the week.

The rapid reversal highlights the delicate balance within crypto markets, where sudden price movements can ripple through altcoins and derivatives with significant consequences.

At the time of reporting, the Bitcoin (BTC) price was $76,061.39.