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Bitcoin Drops to $80K as Altcoins Sink in Liquidation Frenzy Amidst Market Volatility

Hannah Perry | March 10, 2025

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Crypto Market Tumbles: Bitcoin Drops to $80K, Altcoins Sink Amid Liquidation Frenzy

The cryptocurrency market faced a steep decline on Monday, with Bitcoin plunging to an intraday low of $80,000 and Ethereum falling nearly 6%. This downturn comes despite recent pro-crypto developments in the United States, including former President Donald Trump’s announcement of a strategic Bitcoin reserve. Investors are increasingly wary, as major altcoins like Solana (SOL) and XRP recorded significant losses, reflecting a state of heightened market volatility.

According to data from Coinglass, the global crypto market cap suffered a 4.83% decline over the past 24 hours, dropping to approximately $2.69 trillion. More than $600 million was liquidated during the sell-off, with Bitcoin alone seeing approximately $1 billion in long positions wiped out. This indicates a significant level of uncertainty among investors.

Bitcoin Dips to $80k Amid Volatility

Bitcoin (BTC) lost nearly 5% and was trading at $82,179 at press time, after reaching a low of $80,052.49. This decline represents a retreat from its recent peak price of $86,146.15. During this period of decline, a notable $237.6 million in Bitcoin liquidations was recorded. Interestingly, Bitcoin’s market dominance increased slightly by 0.03%, illustrating increased volatility within altcoins.

Ethereum (ETH) also faced challenges, falling 6% over the last 24 hours to trade at $2,060—bouncing between an intraday low of $1,991.19 and a peak of $2,194.89. The second-largest cryptocurrency saw $107.56 million in liquidations, with its market dominance settling at 9.2%.

Altcoins Slump: Solana, XRP, and Meme Coins Take a Hit

Several major altcoins faced substantial losses amid this market turmoil:

  • XRP dropped nearly 6%, trading at $2.18 after hitting a low of $2.09. This drop occurred despite only $30.34 million in liquidations, indicating ongoing selling pressure.
  • Solana (SOL) plunged 8% to $127.57, with intraday fluctuations between $124.38 and $139.73. Solana recorded $26.6 million in liquidations.
  • Meme coins also suffered losses, with Dogecoin (DOGE) declining 10% to $0.1725, while Shiba Inu (SHIB) lost 4%, trading at $0.00001208. Other meme coins, like Pepe (PEPE) and TRUMP, plummeted over 9%, further reflecting the broader market downtrend.

Top Gainers and Losers of the Day

In the midst of the sell-off, a few tokens managed to remain in the green:

  • Story (IP): +9% ($5.23)
  • UNUS SED LEO (LEO): +0.5% ($9.83)

However, for many others, the day reflected substantial downturns:

  • JasmyCoin (JASMY): -15% ($0.01363)
  • Injective (INJ): -13% ($9.66)
  • Render (RENDER): -12% ($3.05)

Market Dynamics and Future Outlook

Despite the challenges faced by the cryptocurrency market, the U.S. government has reassured investors that it will not sell the 200,000 Bitcoin seized from Silk Road. Nonetheless, concerns over macroeconomic factors continue to add pressure and uncertainty to the market. Analysts pointed out that the latest non-farm payrolls (NFP) report suggests the Federal Reserve may adopt a hawkish stance, which could further impact risk assets.

Additionally, trade tensions stemming from Trump’s tariff policies have compounded these pressures. While some experts interpret whale accumulation as a sign of renewed confidence, the overarching sentiment remains one of uncertainty as crypto markets brace for upcoming fluctuations.

In summary, the recent sell-off highlights the fragility of the cryptocurrency market, where the aftermath of liquidation frenzy coupled with macroeconomic challenges are already taking a toll on confidence levels. Investors would do well to remain vigilant as they navigate these turbulent waters.