More than $1.7 billion in leveraged positions were liquidated in 24 hours as bitcoin fell to $81,000, with long bets accounting for nearly all the damage amid macro jitters and Fed chair speculation.

The world's largest cryptocurrency has shed nearly $10,000 over the past 24 hours, now threatening to take out its recent November low just under $81,000.

Circle’s rising correlation with ether and DeFi exposure drives the re-rating, despite valuation and competition concerns.

Thursday's decline showed that, despite hopes for being a macro hedge, bitcoin continues to trade like the riskiest of risk assets when markets turn lower.

Bellwether crypto exchange Coinbase was lower for an 8th straight session on Thursday to its weakest level since May.

Traders are watching $1.80 as near-term support, with $1.87–$1.90 now the key resistance zone.

The token broke below key support at $0.1218 on heavy volume, turning that level into near-term resistance even after a brief bounce from around $0.115.

Bitcoin price just fell through that price floor it's been bouncing off for two months. Now charts might be pointing to $75,000 as next level to watch.

While precious metals and stocks bounce from their worst levels of the session, crypto remains near the day's low.

Soaring to $5,600 at one point earlier on Thursday, gold quickly pulled back to below the $5,200 level in U.S. morning trade.