Bitcoin Price Dumps Below $69K as Liquidations Top $1.4B: XRP and ETH Bleed Heavy
Bitcoin has crashed below $69,000 for the first time in nearly two months as liquidations exceed $1.4 billion, with major cryptocurrencies following the downward trend.
The cryptocurrency market is experiencing significant turmoil as bitcoin has dropped below $69,000 for the first time in almost two months. This sharp decline comes amid broader market turbulence and macroeconomic pressures, with altcoins following bitcoin's lead downward.
Market Decline
Bitcoin's recent fall follows a peak at $81,000 just last Wednesday after the Democratic sweep in the midterms. The cryptocurrency has since faced relentless selling pressure, dropping below $76,000 within 24 hours, then falling further to under $74,000 at the start of this week. After a brief rebound attempt to nearly $75,000, bitcoin resumed its downward trajectory following the CPI reading and news of Jensen Huang's resignation, eventually plunging below $69,000.
Ethereum has not been spared, with another 6% decline pushing it toward $1,900. Ripple's XRP token has dipped to $1.00, hovering just above that critical level. Other major cryptocurrencies like SOL, ZEC, DOGE, XMR, and WBT have all suffered losses exceeding 6% in the past 24 hours.
Liquidation Surge
The market downturn has resulted in massive liquidations, with CoinGlass reporting over $1.4 billion in wiped-out positions within the past 24 hours. Long positions have been particularly hard hit, accounting for $1.26 billion of the total liquidations, compared to just $155 million from short positions.
There's no way to sugarcoat the liquidation data, as CoinGlass points to over $1.4 billion in wrecked positions in the past 24 hours.
Bitcoin leads the liquidation figures with $742 million, followed by Ethereum at $250 million. The single-largest liquidation order remains the $31.09 million position on Hyperliquid reported yesterday, with the total number of affected traders rising to over 170,000.
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