Liquidations Hit $480M In an Hour as Bitcoin Plunges Below $81K

The latest leg down came after another transfer from the US government. Bitcoin has nosedived again in the past hour or so, dumping below $81,000 for the first time since September 21 when it broke out. The liquidations have skyrocketed once again, exceeding $480 million in the past hour alone. As expected, the majority is from long positions. Cryptopotato reported yesterday that BTC crashed by $2,000 within 20 minutes, which was rather unexpected. It came after the US government transferred a portion of its crypto holdings to Coinbase Prime. At the time, the cryptocurrency fell below $84,000 and managed to hold at around that level for hours. However, the landscape worsened in the past several hours, with the asset tanking below $81,000. This also coincided with a new BTC transfer from the US government, according to data from Lookonchain. The altcoins have followed suit. ETH, which traded above $2,700 until 48 hours ago, is now down to $2,450. XRP was rejected at $1.50 and has dumped to $1.34 as of now. Notable losses also come from SOL, HYPE, DOGE, and others. You may also like: Bitcoin Struggles to Break Higher as ETF Demand Weakens: Bitfinex Alpha Altcoins Are Rallying, But An...