Bitcoin Slides Below $70,000 as Billions Wiped From Crypto Market

In depth

Bitcoin fell this week to its lowest level since August and traded below $70,000, after a drop of about 6% in a single day. Its market capitalization stood at about $1.38 trillion on the day of the sharp decline, and the coin traded at around $69,000.

Ethereum lost the $2,000 level, and Coinbase, Robinhood and Strategy also declined. According to the data, about $1.3 billion was wiped out in leveraged positions, and liquidity crossed the $1.47 billion threshold.

The decline came against a backdrop of higher-than-expected inflation in the US, yields above 5%, and outflows from exchange-traded funds. Weakness on the Nasdaq and tensions in the Middle East were also cited as factors, alongside the liquidation of leveraged positions that amplified the pressure.