Whether the broader market’s turbulence is spilling over into crypto or macroeconomic pressures are intensifying, bitcoin has been in a prolonged freefall. Minutes ago, it plunged below $69,000, its first drop below that level in almost two months.
As altcoins follow $BTC’s steep decline, the value of liquidated positions has surged to $1.4 billion over a 24-hour period. Long positions continue to account for most liquidations.
$BTC Tanks Hard Again
Just last Wednesday, the primary cryptocurrency reached $81,000 after the Democratic sweep in the midterms. Since then, bears have been firmly in control. They first pushed the asset below $76,000 just 24 hours after its spectacular rise above $80,000. After a few relatively calm days, bitcoin traded sideways between $75,000 and $76,000.
The current business week opened with another decline, this time below $74,000. The cryptocurrency steadied briefly, but selling pressure intensified again on Tuesday after the CPI reading, sending it below $73,000.
Bitcoin attempted a rebound on Wednesday, rising to nearly $75,000, but the rejection was sharp. $BTC first fell back to $73,000, then dropped to $71,000 amid news of Jensen Huang’s resignation and rising tensions in the Middle East. The decline deepened over the past few hours, with $BTC falling below $70,000 and then $69,000, reaching a multi-month low.
$ETH remains deep in negative territory, down another 6% to $1,925 at the time of writing. $XRP fell to $1.00 and has stayed just $0.01 above that level so far. SOL, ZEC, DOGE, XMR, and WBT have each lost more than 6% over the past 24 hours alone.
Longs Get Crushed
CoinGlass data show more than $1.4 billion in positions liquidated over the past 24 hours. Of that total, $1.26 billion came from long positions and just $155 million from shorts. Bitcoin leads by a wide margin, with $742 million in liquidations compared with $250 million for $ETH.
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The largest single liquidation order remains the one we reported yesterday: $31.09 million on Hyperliquid. The number of traders wiped out, however, has climbed above 170,000.
