Bitcoin Slides to $80,000 as Ethereum, XRP, Dogecoin Trigger $1B Liquidation Cascade

Bitcoin as low as $80,000 Thursday as renewed tensions involving Iran and growing concerns over AI-driven threats to crypto security weighed on cryptocurrencies.

Notable Statistics:

• Coinglass data shows 164,899 traders were liquidated in the past 24 hours for $1.02 billion.       
• SoSoValue data shows net outflows of $487.07 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net outflows of $160.8 million.
• In the past 24 hours, top losers include Venice Token, Zcash and Avalanche.

Notable Developments:

Trader Notes:

Scott Melker in a podcast with Nick Ducoff, Head of Institutional Growth, Solana Foundation highlighted that crypto industry is entering a tokenization super cycle, driven by stablecoin payments, institutional adoption and tokenized securities.

Despite its prolonged bear market, Ducoff remains bullish on Solana amidst continued institutional development and more than $1 billion in assets under management for a U.S. Solana ETF.

Melker argued that Bitcoin’s decline below $82,800 is a potential healthy retest and does not necessarily invalidate its emerging bullish structure.

The 50-week moving average of $77,000 represents another possible downside target that he would not consider particularly concerning.

Melker believes Bitcoin’s recent higher high and recovery above major moving averages suggest the broader bearish trend may be ending.

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