Bitcoin fell nearly 7% in a single day, retreating to the $68,000 level. With new capital inflows drying up and a sharp rise in US Treasury yields compounding the pressure, a cascading decline unfolded as leveraged traders were hit by a wave of forced liquidations.
According to cryptocurrency data provider CoinMarketCap, one Bitcoin was trading at $68,529.96 as of 2:30 p.m. on the 13th, down 6.82% from the previous day. On South Korea's Upbit exchange, it stood at 93 million won (approximately $70,000), down 3.72% from the prior session. The Korea premium was 1.80%.
As the largest asset by market capitalization crumbled, altcoins turned broadly weaker in unison. Major tokens including Ethereum (ETH), BNB, Ripple (XRP), Tron (TRX), and Hyperliquid (HYPE) fell together, sharply cooling risk appetite across the market.
The derivatives market saw a flood of large-scale liquidations. According to crypto derivatives data firm Coinglass, liquidations over the past 24 hours totaled $1.47 billion (~2 trillion won). Of that, $1.31 billion (~1.7 trillion won) were long positions betting on price gains. The number of liquidated traders was estimated at over 175,000. The single largest liquidation order was worth $31.09 million (~41 billion won), occurring on Hyperliquid.
The decline is attributed to a combination of tight liquidity and interest-rate pressure. Yoon Seung-sik, head of the research center at Tiger Research, said, "With interest-rate pressure continuing, including the US 10-year Treasury yield exceeding 5%, Bitcoin is in a difficult position to hold up," adding that "liquidity conditions are also poor." He went on to say, "On-chain data shows a significant increase in selling volume from holders willing to absorb losses," and added, "Long positions betting on a rebound keep flowing in, and each time the price is pushed down, forced liquidations emerge, widening the decline."
Some observers suggest this sharp drop could weigh on risk assets broadly. Analysts note that volatility could expand further as liquidation volume is absorbed, and that if Treasury yields remain elevated, the return of capital to crypto assets could also be delayed. The market is seen as being in a phase where short-term rebound attempts are pitted against the possibility of further correction.
