The crypto sector is going through a sharp plunge with the top crypto assets like Bitcoin ($BTC) and Ethereum ($ETH) have seen noteworthy declines. Over the past 24 hours, Bitcoin ($BTC) has recorded a 2.57% dip, dropping below the $80K mark. As per Binance market data, Ethereum ($ETH) has also dropped below $2,500 amid the wider crypto liquidations. Overall, the liquidation heatmap of Coinglass reveals that a $2.58B has been liquidated from the crypto sector.

The on-chain statistics disclose that Bitcoin has ultimately dropped below the $80K spot while changing hands at $79,210.43. Thus, the widespread crypto liquidations of up to $2.58B have caused the flagship crypto asset to dip by 2.57% over the past 24 hours. Additionally, the cumulative crypto liquidations have reportedly affected up to 432,836 traders.

At the same time, Ethereum ($ETH) has also seen a crucial 3.86% price decrease. As a result of this steep decline $ETH is below the $2,500 mark while changing hands at $2,436.71. These sheer declines point toward the increased volatility as well as the crypto investor risk amid debates over an opportunity to buy amid this decline.

Keeping this in view, Ethereum ($ETH) and Bitcoin ($BTC) are playing a key role in shaping the market sentiment. $BTC’s downturn below the $80K mark seems psychologically important, while traders the market participants have been viewing this point as a critical support zone. Along with that, $ETH’s drop below the $2,500 has further fueled the concerns.

According to Coinglass and Binance market data, these slumps have amplified more liquidation risks. On the other hand, despite this panic selling, the top market figures like Michael Saylor have a different narrative, urging to buy the dip for long-term gains. At this time, $ETH and $BTC are still under pressure with traders bracing for more turbulence over the upcoming days.

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