Bitcoin breached the $70,000 threshold. Trading on Coinbase dropped under $70,000 after 9:00 p.m. ET Thursday and hit an intraday low of $67,555 shortly after midnight. By 3:18 a.m. ET Friday, Bitcoin traded at $68,624, down 6.7 percent over 24 hours and roughly 15 percent below its October 29 level near $80,760.
According to Unchained, Dow Jones Newswires, and CoinGlass data on Friday, approximately $1.65 billion in leveraged crypto positions were wiped out in the 24 hours ending around 3:10 a.m. ET. Bullish long bets accounted for 88.9 percent of those liquidations, with $1.07 billion in forced closures occurring during the 12-hour window covering the drop under $70,000. Bitcoin derivatives comprised $918.66 million of the total, followed by Ether at $287.68 million. A single Bitcoin long position on decentralized exchange Hyperliquid accounted for $31.09 million in losses.
Ether dropped 5.7 percent over 24 hours to $1,931, extending its seven-day decline to 13.1 percent. Solana slipped 3.7 percent to $79.76, Dogecoin shed about 4 percent, and XRP declined 1.5 percent. Pluang reported that overall crypto market capitalization fell 7 percent to roughly $2.35 trillion.
SoSoValue data showed US spot Bitcoin exchange-traded funds recorded $299.9 million in net outflows on Wednesday, November 11, bringing cumulative November redemptions to $1.88 billion. October Consumer Price Index data showed headline inflation rising 0.4 percent and core inflation gaining 0.3 percent, reinforcing expectations for another Federal Reserve rate hike on December 9. The 10-year US Treasury yield climbed to 5.10 percent on Thursday from 4.88 percent on Monday. James Butterfill, head of research at CoinShares, told Unchained that equity volatility following tech and AI jitters spilled directly into crypto. "The move below US$70,000 puts the lower end of that view under pressure, and we should not assume it represents a hard floor," he added.
