The cryptocurrency market suffered a massive blow on January 31 when Bitcoin (BTC) crashed below $80,000.

BTC fell 5% in one day to trade at $78,479.21 at the time of writing. It’s the lowest price drop for Bitcoin since April 2025, when the cryptocurrency crashed after US President Donald Trump unleashed “Deliverance Day” tariffs.

Related: Leading Miner Walks Away from Bitcoin

To put things into perspective, the current price of Bitcoin is only 5% above its average price strategy (Nasdaq: MSTR), the world’s largest Bitcoin treasury company, has bought the coins, according to analytics platform onchain Arkham Intelligence.

Other cryptocurrencies also crashed after the king coin.

Ethereum (ETH) fell about 12% to $2,395.58. BNB fell 8% to $779.57, XRP 11% to $1.56 i solana (SOL) 11% to $103.44.

The total crypto market cap was down more than 6% in 24 hours to $2.73 trillion at the time of writing. In fact, over $100 billion in market cap has disappeared in the last five hours.

According to the onchain analytics platform CoinGlassover $1.61 billion in crypto positions have been liquidated in the last 24 hours. It includes $1.46 billion in long positions and $127.8 million in short positions.

Ether led crypto liquidations with $560 million, followed by $481 million in Bitcoin positions and $95 million in Solana positions.

In the last 24 hours, 358,161 merchants have been liquidated.

Source: Liquidation Heatmap, Coinglass

A liquidation order of $13.38 million worth of Ether on Hyperliquid turned out to be the largest single liquidation order in the last 24 hours.

A crypto analyst, who goes by the handle X called “Daan Crypto Trades”, he said on January 29 that Bitcoin is not “extremely far” from its 200-week moving average (WMA).

It has often been a “high-value area for long-term buying” at this level, he added.

The 200 WMA is a long-term technical indicator that averages an asset’s closing prices over the past 200 weeks.