Ephrem Joseph
Ephrem began his journalistic journey at Proactive in June 2021. With a strong academic background in Information Technology, his expertise particularly lies in the field of Cyber Security, Management Information Systems and Computer Forensics. Before joining Proactive, Ephrem worked as a researcher and lecturer at a number of leading universities, including the University of Portsmouth's Institute of Criminal Justice Studies, the University of Winchester’s Institute of Policing, and Jain... Read more
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Published: 04:57 13 Nov 2026 GMT
Bitcoin has crashed below US$70,000 as another sharp risk-off move triggered hundreds of millions of dollars in forced liquidations and pushed the broader cryptocurrency market deeper into fear territory.
Bitcoin fell as low as US$68,943 on Friday before recovering towards US$69,000-US$70,000, leaving it around 6% lower over 24 hours.
Ethereum was trading around US$1,990, while Solana fell to about US$80. BNB was around US$635 and XRP hovered close to US$1.01.
Total cryptocurrency market capitalisation has fallen to roughly US$2.4 trillion, with market sentiment sitting in “extreme fear” territory.
The break below US$70,000 triggered a rapid unwinding of leveraged bullish positions.
Around US$622 million of crypto positions were liquidated in just four hours, with long traders bearing the overwhelming majority of the losses.
Bitcoin had been trading above US$76,000 earlier this week, highlighting the speed of the latest decline.
The drop below US$70,000 also activated clusters of leveraged positions positioned around the psychologically important support level, amplifying selling as exchanges automatically closed losing trades.
Institutional flows remain another major headwind.
The latest reported US spot Bitcoin ETF data showed around US$47.7 million of net outflows on November 12, following almost US$300 million of withdrawals on November 11.
November outflows have now reached roughly US$1.9 billion, reversing some of the institutional demand that previously supported Bitcoin.
Expectations that US interest rates could remain higher for longer are also weighing on crypto alongside weakness across technology stocks.
Bitcoin is now testing the US$68,000-US$70,000 region, which has become the key near-term support area.
A failure to recover US$70,000 could leave the market vulnerable to another round of deleveraging, while a move back above US$72,000-US$73,000 would provide the first sign that selling pressure is stabilising.
