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Bitcoin price today: drop to $83,000 amid liquidations
Bitcoin plunged sharply on Friday, hitting its lowest level in the past two months as a wave of forced liquidations hit leveraged traders and investors assessed the potential impact of changes in the leadership of the U.S. Federal Reserve.
The world’s largest cryptocurrency was trading 6.4% lower at $82,620.3 as of 06:15 GMT.
Over the past 24 hours, it fell to a low of $81,201.5 and was close to breaking April’s lows had the decline continued.
Crypto market liquidations hit $1.7 billion
Data from CoinGlass showed that approximately $1.68 billion worth of leveraged positions were liquidated over the past 24 hours amid the sell-off, with about 93% of liquidations coming from long positions — traders’ bets on rising prices.
Around 270,000 traders faced forced position closures, exacerbating the decline in bitcoin prices and the broader digital asset market.
Liquidations occur when exchanges automatically close leveraged positions that fail to meet margin requirements as prices move against traders, often amplifying volatility and accelerating declines in risk markets.
Traders watch Trump’s pick for Fed chair
Friday’s drop coincided with growing market anxiety over the direction of U.S. monetary policy leadership.
President Donald Trump said he would announce his choice to replace Federal Reserve Chair Jerome Powell on Friday morning, fueling speculation that former Fed Governor Kevin Warsh would be nominated for the top post at the central bank.
Reports indicated that the White House is preparing to nominate Warsh as the next Federal Reserve chair.
Warsh is viewed as someone who could advocate for a tougher stance on the Fed’s balance sheet and the direction of monetary policy, potentially reducing liquidity that has supported risk assets, including cryptocurrencies.
Financial markets responded with broader “risk-off” positioning, a stronger dollar, and higher yields, while cryptocurrency prices came under renewed selling pressure.
Central bank policy direction affects interest rates, liquidity conditions, and the pricing of risk assets — all key factors for high-beta assets such as bitcoin.
Cryptocurrency prices today: altcoins fall; Ethereum and XRP drop 7%
Most altcoins also fell on Friday following the wave of liquidations.
The world’s second-largest cryptocurrency, Ethereum, fell more than 7% to $2,749.92.
The world’s third-largest cryptocurrency, XRP, also declined 7% to $1.75.
Solana fell 6.5%, Cardano plunged 8%, while Polygon dropped more than 5%.
Among meme tokens, Dogecoin fell 6%, while $TRUMP retreated 3.5%.
See also: "Geopolitical tensions pushed Bitcoin below $84,000"
