Bitcoin slides below $82,000 as crypto liquidations surge past $770 million

BREAKING: $BTC slides below $82,000 as crypto liquidations surge past $770 million in 24 hours, including $685.6 million in wiped-out long positions.

Bitcoin just lost the 82,000 dollar level, and the damage is ugly.

In the past 24 hours, more than 770 million dollars in crypto positions got liquidated. And here's the part that tells you who got hurt. Nearly 686 million of that was longs. People betting the price goes up, forced out as it went the other way. You can see the chart doing exactly what leveraged traders pray it won't.

This is how crypto drawdowns feed themselves. Price dips, leveraged longs get margin called, their positions get sold automatically, and that selling pushes the price down further, which triggers the next wave. It's a cascade, and tonight it ran for three quarters of a billion dollars.

No market from me on this one. Just the number that matters. 685 million dollars of bullish conviction, gone in a day.

This is Sara White, reporting for HIT.