Bitcoin drops below 80000 dollars as market liquidations surge

Bitcoin dropped below 80,000 dollars on October 24, reaching its weakest level in more than one month. According to CoinDesk, the price slide coincided with reports that the United States is rapidly evacuating personnel from embassies and military bases in the Middle East. The Wall Street Journal reported that intelligence indicates Iran is preparing attacks against Americans. The Block, CoinDesk, Altcoin Buzz, and The Crypto Times all reported the price fall below the 80,000 dollar threshold. [1][2][3][4]

The market drop triggered significant liquidations across digital asset exchanges. The Block reported that traders holding long positions lost 404 million dollars within four hours. Altcoin Buzz reported total crypto position liquidations reaching 834 million dollars, while The Crypto Times reported total liquidations at 820 million dollars, driven primarily by long positions. [1][3][4]

Institutional investment products also recorded outflows. According to data from SoSoValue cited by The Block, spot bitcoin exchange-traded funds lost 773 million dollars across Thursday and Friday. These losses followed three consecutive days of net inflows into the funds. [1]

CoinDesk reported that Jay Clayton, the director of national intelligence, sent a memo on Friday to Secretary of State Marco Rubio stating that lethal plotting efforts by Iranians against United States citizens have reached advanced stages. These geopolitical developments have placed digital assets under sustained pressure over the weekend. [2]