Bitcoin Tumbles Below $84K Amid $570M Crypto Liquidations

The Bitcoin price plummeted below $84,000 in a dramatic reversal after briefly topping $87,000 earlier in the day.

The sudden crash came after a softer-than-expected US jobs report, which would normally be considered bullish for risk-on assets. However, the market reacted with a shockwave of liquidations, with the total crypto market cap shedding almost $80 billion since the peak seen earlier today.

According to CoinGlass, the overall wrecked positions in the past 24 hours have jumped past $570 million, with $186 million coming in the past hour alone. Longs dominate, with 99% of the liquidated positions in the past hour coming from such positions.