Bitcoin fell below the $80,000 threshold Thursday afternoon, losing more than 4% over twenty-four hours after reaching a high near $87,000 on Tuesday. Major cryptocurrencies all suffered significant losses: ethereum dropped over 6% to around $2,400, XRP fell 6% to $1.32, and Solana declined nearly 9% to around $106. Liquidations exceeded $1.1 billion over twenty-four hours, with approximately $1.05 billion in long positions being wiped out, according to CoinGlass data. The correction occurred against a backdrop of rising oil prices, with Brent crude trading around $106 per barrel, and US Treasury yields reaching their highest level in twenty-four years. Federal Reserve minutes released Wednesday confirmed that another rate increase before year end was likely appropriate.
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