Crypto Market Faces $1.7B Liquidations as Bitcoin Approaches $80K

Source: CryptoNewsNet Original Title: Crypto Bulls See $1.7B Liquidations as Bitcoin Swiftly Nears $80K Original Link: Bitcoin extended its November collapse on Friday, sliding below $85,000 for the first time since April as a cascade of leveraged liquidations and collapsing sentiment deepened what is shaping up to be the worst monthly drawdown since the 2022 crypto winter.

BTC briefly touched $81,600 before stabilizing near $84,000, erasing its year-to-date gains and putting the market back into levels last seen before January’s ETF boom.

Across major tokens, the damage is spreading quickly. Ether dropped below $2,750, down almost 14% in the past week. Solana slid over 10% in 24 hours, while XRP, BNB and Cardano all posted declines between 8-15%. In total, majors have retraced 20-35% from their November highs, with smaller caps faring far worse.

The sell-off coincides with nearly $2 billion in liquidations over the past 24 hours, market data shows. Bitcoin accounted for $964 million of that total, followed by Ether at $407 million and a broad wave of forced unwinds across altcoins.