Bitcoin Tumbles Below $69K Amid $1.4B Liquidations; XRP, ETH Suffer Steep Losses

Bitcoin’s Value Plummets Below $69,000 Amidst Widespread Liquidations

The cryptocurrency market is experiencing a significant downturn, with Bitcoin falling below the $69,000 mark for the first time in nearly two months. This sharp decline, which occurred minutes ago, comes amid broader market turbulence and increasing macroeconomic pressures.

The sell-off has not been confined to Bitcoin, as altcoins have mirrored its substantial drop. Consequently, the total value of liquidated positions has surged to $1.4 billion over the past 24 hours, with long positions bearing the brunt of the losses.

Just last Wednesday, Bitcoin had reached a high of $81,000 following a Democratic victory in the midterm elections. However, since that peak, bears have asserted firm control. Initially, they pushed the price down to below $76,000 within 24 hours of the rally above $80,000. A brief period of relative stability followed, with Bitcoin trading sideways between $75,000 and $76,000.

The current business week saw another downward move, with Bitcoin dipping below $74,000. After a brief pause, selling pressure intensified on Tuesday following the release of Consumer Price Index (CPI) data, pushing the cryptocurrency below $73,000.

Wednesday offered a brief rebound attempt, with Bitcoin climbing to nearly $75,000. This recovery proved short-lived. Bitcoin first retreated to $73,000 before news of Jensen Huang’s resignation and escalating tensions in the Middle East drove it down to $71,000. The situation has deteriorated further in recent hours, with Bitcoin plunging first below $70,000 and then below $69,000, reaching a multi-month low.

Altcoins Face Significant Losses

Ethereum (ETH) is also deep in negative territory, with a further 6% decline bringing its price to $1,925. XRP briefly touched $1.00 but has since hovered just above that level. Solana (SOL), Zcash (ZEC), Dogecoin (DOGE), Monero (XMR), and Worldcoin (WBT) have all registered losses exceeding 6% in the last 24 hours alone.

Liquidation Data Reveals Scale of Losses

The liquidation figures paint a stark picture, with data from CoinGlass indicating over $1.4 billion in positions wiped out in the past 24 hours. Long positions accounted for the vast majority of these liquidations, totaling $1.26 billion, while short positions amounted to $155 million. Bitcoin has seen the largest liquidations, with $742 million, followed by Ethereum at $250 million.

The single largest liquidation order remains the one reported yesterday at $31.09 million on Hyperliquid. The total number of traders affected by these liquidations has now surpassed 170,000.