Bitcoin (BTC) is trading below $80,000 at press time on Thursday, after three straight days of losses so far this week. The crypto market sentiment is losing risk appetite amid a bullish positional wipeout in the derivatives market. Terra Classic (LUNC) and Toncoin (TON) lead the decline over the last 24 hours, extending the pullback after the previous week’s recovery.

Volatility surge weighs down crypto bulls

Bitcoin’s pullback below $80,000 triggered forced liquidations of highly leveraged bullish positions in the futures market, prompting a risk-off sentiment shift. CoinGlass data shows that total liquidations over the last 24 hours amount to roughly $370 million, led by $311 million in long liquidations. The largest liquidation in…