The cryptocurrency market faced a major setback on Jan. 31 with Bitcoin plummeting below $80,000, marking a 5% drop to $78,479.21, its lowest crash since April 2025. Other cryptos like Ethereum, BNB, XRP, and Solana also tumbled in the aftermath. The total crypto market cap decreased by over 6% to $2.73 trillion, erasing $100 billion in five hours.

Amid the market turmoil, over $1.61 billion in crypto positions were liquidated within 24 hours, including $1.46 billion in long and $127.8 million in short positions. Ether led the liquidations with $560 million, followed by Bitcoin at $481 million and Solana with $95 million. A total of 358,161 traders were liquidated in the past day.

Notably, an Ether liquidation order worth $13.38 million on Hyperliquid emerged as the largest single liquidation order in the last 24 hours. A crypto analyst known as “Daan Crypto Trades” highlighted on Jan. 29 that Bitcoin is not “extremely far off” its 200-week moving average (WMA), often considered a favorable area for long-term buys. The 200 WMA is a significant long-term technical indicator that averages an asset’s closing prices over the past 200 weeks.

Read more at Yahoo Finance: Bitcoin crashes below $80K again as investors panic