Bitcoin tumbled below the $82,000 mark early Friday, Jan. 30, as global markets continued to reel from escalating military rhetoric in the Middle East and shifting expectations for U.S. monetary policy. The top cryptocurrency briefly touched a low of $81,923 on Bitstamp — its weakest level since Nov. 21, 2025 — before reclaiming a slim margin to trade just above $82,000. The nearly 7% intraday drop saw bitcoin’s market capitalization slide from $1.68 trillion to $1.64 trillion in a matter of hours.

The sell-off was not isolated to the digital asset space, as the broader crypto economy’s market capitalization fell 5.6% to $2.88 trillion. Ethereum, which had been trading above $2,960 only a day prior, plunged 8% to a low of $2,705, matching price levels not seen in more than two months. Similarly, XRP struggled to maintain the momentum that drove it to a yearly high of $2.40 earlier this month; it tumbled to $1.73, dragging its market cap down to $105 billion.

Read more: Crypto Bloodbath: Bitcoin Slips Below $85K, $796M Liquidated as Traders Get Forced Out

The bloodbath extended across the digital asset landscape, with the majority of high-market-cap altcoins mirroring BTC’s descent and posting losses of 7% or more in a synchronized retreat.

The primary catalyst for the decline appeared to be a convergence of geopolitical and macroeconomic anxieties. In the Middle East, reports that the Islamic Revolutionary Guard Corps conducted live-fire military drills in the Strait of Hormuz sparked fears of a potential blockade in the critical shipping channel. Oil prices reacted sharply to the news, with Brent crude rising toward $70 per barrel. Analysts warn that a military strike by the U.S could lead to Iranian retaliation against regional targets, including Israel, which fought a 12-day air war with Iran in June 2025.

Adding to the volatility, investors are bracing for the Trump administration’s potential nomination of Kevin Warsh as the next Federal Reserve chair. Markets have viewed the prospect of a Warsh-led Fed as a hawkish turn, putting further pressure on risk assets like cryptocurrencies and technology stocks. These factors, combined with underwhelming quarterly results from several tech giants, dragged the crypto market which saw its 24-hour trading volumes go past the $200 billion mark.

Meanwhile, the rapid price descent across most digital assets triggered a massive deleveraging event. According to Coinglass data, the value of liquidated leveraged positions reached $1.7 billion, with long bets accounting for a staggering $1.59 billion of that total. Approximately 274,230 traders were liquidated, with the largest single order — valued at $80.58 million — occurring on the HTX exchange. Bitcoin liquidations led the market at $786 million, followed by ethereum at $423 million, as the industry grapples with one of its most turbulent sessions of the year.

• Why did bitcoin fall below $82,000? Escalating military tensions in the Middle East and hawkish U.S. monetary policy expectations drove the sell-off.
• How did the broader crypto market react? Ethereum, XRP, and major altcoins plunged 7–8%, cutting total crypto market cap to $2.88 trillion.
• What role did liquidations play in the crash? Over $1.7 billion in leveraged positions were liquidated, with bitcoin and ethereum leading losses.
• Why are global investors concerned?
  Geopolitical risks, rising oil prices, and Fed uncertainty are fueling volatility across digital assets.

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