Over 300,000 Liquidated! Cryptocurrencies Plunge Across the Board, Bitcoin Breaks Below $80,000!

TradingKey - Cryptocurrencies plummeted by 10%, with Bitcoin dropping 5%. Does this mean the crypto market is entering a bear market?  

On Tuesday, dragged down by a collective plunge in U.S. stocks, the crypto market also experienced a major crash. Bitcoin fell 5%, breaking below $80,000 and temporarily trading at $76,885. Ethereum plunged over 10%, dropping below the $2,000 mark to $1,813. Other major cryptocurrencies fell by around 10%, while smaller-cap virtual currencies saw even larger declines.

Top 10 Cryptocurrencies by Market Cap: Price Changes, Source: CoinMarketCap.

The collective crash led to massive liquidations. Data shows that over the past 24 hours, more than 320,000 traders were liquidated, with total losses exceeding $900 million, and long positions accounting for about 80% of the liquidations.

Crypto Market Liquidation Data, Source: CoinGlass.

Does this mean the crypto market is entering a bear market? Jeff Mei, COO of cryptocurrency exchange BTSE, stated, "Bitcoin is likely to fall to the $70,000–$80,000 range. Only when the tariff war ends and the Fed resumes rate cuts will major cryptocurrencies return to their previous highs."