Crypto longs lose $404 million in four hours as bitcoin briefly slips below $80,000

Crypto investors with long positions lost $404 million in a four-hour period as bitcoin's price briefly fell below $80,000. This significant drop occurred amid a broader market downturn.

According to reports, spot bitcoin ETFs experienced outflows of $773 million on Thursday and Friday, following three consecutive days of net inflows. This shift in investor sentiment has contributed to the current market volatility. Bitcoin's price has now dropped to its lowest level in over a month, according to CoinDesk.

The sudden decline in bitcoin's value has been linked to recent developments in the Middle East and the subsequent evacuation efforts by the U.S. The impact of these events on the crypto market is still being assessed.

It is not yet clear how the crypto market will recover from this downturn or what factors will influence its future performance. Investors are likely to be closely monitoring the situation for further developments.