BTC news: Prices slip below $70K, triggering $1.2 billion in liquidations - CoinDesk
Bitcoin fell below $70,000 early Friday to its lowest level since August 19, triggering over $1.3 billion in crypto futures liquidations as broader market sell-off accelerated.
The cryptocurrency market experienced significant volatility early Friday as Bitcoin BTC $69,290.10 slipped below the $70,000 psychological level, reaching its lowest point since August 19. This decline triggered a broader market downturn with multiple major cryptocurrencies posting substantial losses.
Ether, the second-largest cryptocurrency by market capitalization, dropped below $2,000 for the first time since August, while XRP traded near the $1 mark and Solana's SOL fell below $80. Several smaller tokens including GT, Stacks, and XMR declined by 7% or more.
Middle East tensions trigger sell-off
The market downturn accelerated following reports of renewed military escalation in the Middle East. Iran's Islamic Revolutionary Guard Corps (IRGC) claimed it destroyed a U.S. early-warning radar in Bahrain in response to what it described as an air attack on a telecoms tower in Sirik.
This strike is a serious warning to the aggressor enemy. We demand an end to repeated aerial provocations and oil smuggling in the Strait of Hormuz.
Massive liquidations across market
The price movements led to substantial liquidations of leveraged futures positions across cryptocurrency exchanges. According to data provider Coinglass, more than $1.3 billion in crypto futures were liquidated over 24 hours, with Bitcoin accounting for $677 million of total liquidations.
Despite the geopolitical tensions, oil prices remained relatively stable, with WTI crude continuing to trade around $88 per barrel, slightly down from Thursday's high of $89.15. The market continues to monitor developments in the region for potential impacts on global markets.
Related
