Crypto Liquidations Top $815 Million in 24 Hours as Bitcoin Price Drops

TLDR Bitcoin briefly dropped below $80,000 on Saturday, and crypto longs lost $404 million in four hours, per CoinGlass. Total liquidations hit $815.26 million over 24 hours, up 218% from the previous day. Spot bitcoin ETFs lost $773 million on Thursday and Friday, according to SoSoValue data. BitMEX co-founder Arthur Hayes said he closed out his family office’s directional book, writing “I dumped it all.” The U.S. is reducing staff at Middle East embassies over Iranian threats, the Associated Press and the Wall Street Journal reported.