Bitcoin saw a sharp decline on Saturday afternoon in New York, sliding below the $80,000 mark for the first time since April 2025. The drop, according to Bloomberg, came as digital assets faced a massive selloff, with weak buying interest and thin trading volumes adding pressure on the market.
The world’s largest cryptocurrency plunged as much as 7.1% during midday trading, touching $78,159.41. The move deepened a long-running slide that has now wiped out more than 30% of Bitcoin’s value.
Over the past 24 hours, the total value of the crypto market fell by around $111 billion, according to CoinGecko. During the same period, about $1.6 billion worth of short and long positions were liquidated, data from Coinglass showed. Much of that liquidation happened in just the last four hours, largely involving Bitcoin and Ethereum.
Other cryptocurrencies face bigger decline
The selloff was not limited to Bitcoin. Ether, the second-largest digital token, dropped by more than 10%, while Solana fell by over 11%. The weakness spread across the crypto market as traders rushed to cut positions.
The latest market plunge has taken Bitcoin back to levels last seen after the “Liberation Day” fallout. The market actually saw a strong resurgence in early January 2026 following record highs last October, making the current decline a sudden reversal.
Several market moves that once would have supported Bitcoin have failed to lift prices this time. The US dollar weakened through much of January as investors grew cautious about policy risks that were largely linked to the Trump administration, but crypto markets barely reacted.
Bitcoin also stayed flat during gold’s rally to record highs. Even when gold and silver saw a big reversal on Friday, Bitcoin failed to attract fresh inflows. Adding to the pressure, delays in new US market-structure regulations for the crypto sector have also dampened investor appetite.
Investors are turning to gold and silver instead
As confidence in crypto fades, traditional safe havens are drawing attention. “Silver and gold have become the vehicle for investors concerned about fiat currencies,” Louis Navellier of Navellier & Associates told Bloomberg. That shift has raised new doubts about Bitcoin’s role in investment portfolios.
Bitcoin’s weakness may also be linked to growing tensions in the Middle East. Iran’s army chief recently doubled down on their warnings that Tehran could strike Israel, despiteTrump threatening possible US military action against Iran. Despite the rising risks, Bitcoin has not seen the kind of demand some investors once expected during periods of global uncertainty.