Bitcoin Falls More Than 4% as Ether, XRP and Solana Decline

Bitcoin fell more than 4% toward $80,000 Thursday as reported crypto liquidations exceeded $1.1 billion, intensifying pressure on leveraged traders and risk assets.

Bitcoin traded near $80,000 Thursday afternoon ET. Long positions accounted for approximately $1.05 billion of the reported liquidations, meaning traders betting on higher prices absorbed most of the forced closures.

Ether (ETH) fell more than 6% to about $2,400. XRP declined roughly 6% to $1.32, while Solana dropped nearly 9% to about $106.

Broader market pressure added to the crypto selloff. Brent crude traded above $104 a barrel, and the 10-year Treasury yield reached 5.35% early Thursday ET. Federal Reserve minutes also showed that market participants saw a considerable probability of at least 25 basis points of policy firming by year-end.

Liquidations occur when exchanges forcibly close leveraged positions after losses reduce traders’ collateral below required levels.