Bitcoin Price Crashes Below $68K as Crypto Liquidations Hit $1.6B - Bitcoin News
Bitcoin crashed to a three-month low of $67,500 on November 12, extending its November losses by more than 11% amid a broader market sell-off and a record $1.62 billion in crypto liquidations.
Bitcoin’s sell-off intensified on November 12, with the cryptocurrency plunging to $67,500 at 1:54 a.m. EST, its lowest level in nearly three months, before recovering to trade near $68,000.
At its intraday low, bitcoin had shed nearly 9% since falling below $74,000 on November 11, extending its month-to-date losses to more than 13%.
The broader cryptocurrency market’s valuation dropped to $2.4 trillion as bitcoin’s market capitalization fell below $1.38 trillion.
Massive Liquidations
The derivatives market delivered another punishing blow to traders, with more than $901 million in leveraged bitcoin long positions liquidated over 24 hours, including nearly $560 million wiped out within just four hours.
Short liquidations totaled only $31 million over the same period, with bullish positions accounting for $1.46 billion, or nearly 90%, of the total $1.62 billion in crypto liquidations.
Cascading liquidations across bitcoin and the broader market have created a self-reinforcing loop, with margin calls fueling further forced selling and accelerating the decline.
Altcoins Plunge
Altcoins were hit equally hard, with Ethereum slipping below $2,000 and plunging to $1,910, bringing its daily losses to more than 6%.
XRP briefly breached the $1 threshold, extending its weekly decline to more than 15%, while Solana slid from above $83 to $78.
Zcash fell to $915, Monero shed 7% to trade around $519, and most other major altcoins recorded losses ranging from 4% to 6%.
Market Outlook
Although observers have tied the downturn to the U.S. midterm elections and the Nvidia saga, others maintain that deeper structural forces like macroeconomic headwinds, institutional selling, and leverage unwinds are driving the sell-off.
Bitcoin faces further downside risks as institutional selling and leverage unwinds threaten recovery, with analysts warning of continued volatility in the coming days.
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