The price of Bitcoin (BTC) has plunged over the last 24 hours, falling as low as $81,000 U.S. as the selloff in cryptocurrencies accelerates.
The world's largest cryptocurrency by market capitalization lost nearly $10,000 U.S. over the last day, with $777 million U.S. in long positions liquidated in the span of one hour.
In the past 24 hours, $1.75 billion U.S. worth of Bitcoin was sold as investors grow increasingly risk averse and move away from crypto.
The broader cryptocurrency market has seen prices fall as much as 10%, with Ethereum (ETH) dropping to $2,700 U.S. and XRP (XRP) trading at $1.75 U.S.
Analysts say that Bitcoin's price falling below the key support level of $85,000 U.S. suggests further declines ahead. The next support level for Bitcoin is $75,000 U.S., say analysts.
There are few catalysts on the horizon for cryptocurrencies and investors seem to be moving away from risk assets as geopolitical uncertainty rises.
More broadly, markets are selling off after U.S. President Donald Trump nominated Kevin Warsh to succeed Jerome Powell as chair of the Federal Reserve.
The collapse in crypto prices is weighing on the stocks of Bitcoin miners such as MARA Holdings (MARA) and Riot Platforms (RIOT).
Those stocks fell as much as 10% on Jan. 29 as crypto sold off.
