Bitcoin Falls Below $70,000; $1.5 Billion Wiped Out in Crypto Market

In depth

The crypto market fell sharply over the past day. Bitcoin lost about 6% of its value, and its market value stands at $1.38 trillion. The coin traded at $69,203, falling below the $70,000 mark for the first time since August.

The decline spread to other coins as well. Ether lost the $2,000 level, and Coinbase, Robinhood and Strategy fell with it. At least $1.3 billion was wiped out in leveraged positions, and liquidations exceeded the $1.47 billion mark within a single day.

The market is waiting for the nearby support test and for US inflation data, which came in higher than expected. In addition, there was an outflow of funds from exchange-traded funds, and yields on bonds rose above 5%.