Bitcoin (BTC) experienced a significant price drop, falling from $83,000 to below $80,000 within hours—a decrease of nearly 3%. At the time of writing, BTC is trading at $79,600, representing a 3.93% daily decline.

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This sharp downturn coincides with a broader risk-averse sentiment and ongoing liquidity shifts in global markets, preceding Wall Street's opening. This is notable given BTC's recent resilience amidst last week's market slump following the U.S. tariff announcement. CoinGlass data reveals over $390 million in cryptocurrency liquidations during the past 24 hours, with $325 million stemming from long positions. Bitcoin accounted for $121.4 million of these liquidations, closely followed by Ethereum (ETH) at $108.6 million.

South Korea's Upbit exchange currently lists Bitcoin at a 1.83% premium. The overall cryptocurrency market capitalization has fallen to $2.59 trillion.

Ethereum has been particularly impacted, reaching its lowest point since October 2023. ETH is currently down 65% from its all-time high, further dampening investor confidence.

Economist and long-time crypto critic Peter Schiff commented, "After a delayed reaction on Friday, cryptocurrencies are finally starting to crack. Bitcoin just hit a weekly low of $81,000. It could be a long day for those invested in Bitcoin ETFs."

Other prominent altcoins also suffered losses, with Solana (SOL) experiencing $19.5 million in liquidations, XRP $8.6 million, and Dogecoin (DOGE) $7.8 million.

This is not investment advice.