Bitcoin Surges Past $80K Amidst $310M Liquidation Wave

Bitcoin's price has approached the $80,000 mark, but it comes at a cost. Over the last 24 hours, $310.82 million worth of positions have been liquidated in the crypto market. This is according to CoinGecko data from September 20, which shows Bitcoin has declined by 0.9% in the same period.

Ethereum, on the other hand, has fared worse, with a loss of 2.3%. Other major altcoins like BNB, XRP, and Solana have also seen significant declines, ranging from 1.7% to 2.9%. However, TRON stands out as an exception, gaining 1.4%

Coinglass data reveals that long positions account for approximately 59% of the liquidated amount. This indicates that many traders who were holding onto their positions in anticipation of a price increase are now facing losses.