Bitcoin Drops to $80,000, Wiping Out $110 Billion in Market Cap Within 24 Hours

On March 9, 2025, the price of Bitcoin (BTC) fell to an intraday low of $80,000, marking a 6.6% decline against the US dollar. As of 7:35 PM Eastern Time, Bitcoin was still hovering around $80,500, bringing its market capitalization to approximately $1.59 trillion.

Since Friday, Bitcoin's market cap has plunged by about $200 billion, with $110 billion wiped out in just the past 24 hours. BTC has also lost approximately $6,000 in value.

The primary driver behind this weekend’s Bitcoin crash is the market’s reaction to President Trump’s executive order on the Strategic Bitcoin Reserve, a move that has unsettled investors. Additionally, ongoing economic uncertainties—including the US trade war—have contributed to heightened price volatility.

Experts predict that short-term corrections could continue until mid-April, primarily driven by a stronger US dollar and Federal Reserve policies.

Today alone, $201 million in Bitcoin long positions have been liquidated. Across the broader crypto market, total liquidations have reached $582.86 million, including $522.95 million from long positions.

Beyond BTC, other digital assets like Solana (SOL), Ethereum (ETH), Ripple (XRP), and Dogecoin (DOGE) have also taken a hit. The total cryptocurrency market cap now stands at $2.65 trillion, following a 6.42% drop today.
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