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Bitcoin slips below $74,000 as liquidations top $1 billion

Bitcoin fell to just under $74,000, its lowest since August, and Ether dropped toward $2,100. Forced closures of leveraged bets on rising prices topped $1 billion over the weekend.

Illustration: A lone gold coin on a dark table, drawn in smudged charcoal with one bright yellow pastel highlight, seen up close.
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Bitcoin fell to just under $74,000 late Sunday, its lowest level since August, in another wave of forced selling across crypto markets. It bounced back to about $74,700 on Monday morning. Ether also dropped, reaching about $2,100 in the same stretch.

Liquidations drove much of the drop. A liquidation takes place when a trading platform shuts a leveraged position, which is a bet placed with borrowed money, after prices turn against it. CoinGlass data put liquidations at $855.69 million over 24 hours, and weekend price swings erased more than $1 billion in leveraged bets. Bitcoin also dropped below its 50-week moving average, an average price measured over roughly a year.

Bitcoin$68,940down −17.05%over 1 month
$84,082$68,94314 Oct13 Nov

Prices by CoinGecko. Past moves say nothing about future ones.

Also in this story

Etherdown −22.16%1 month

Ether faced its own pressures. US spot Ether exchange-traded funds, which hold the coin for investors who buy their shares, lost $365.3 million last week. That was their sixth straight week of outflows. Over the past month Ether fell 13.98%, while three large wallets added about 35,350 ETH.

Other coins were hit too. Ether, Solana and XRP sold off after a $148 million theft. Strategy's bitcoin stack slipped below its cost basis, the average price paid for the coins, as bitcoin dropped under $75,000. AVAX has fallen 28% over four weeks, lagging both Bitcoin and Ether.

Analyst Michaël van de Poppe, a popular crypto analyst, thinks a recovery above one key price level would show that buyers are stepping back in. Several market-moving events are on the calendar ahead, which keeps attention on prices.

$1,000 in Bitcoin

Had you put $ into Bitcoin a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

Background

Bitcoin's drop came as an investigation linked to Nvidia CEO Jensen Huang, regulation fears and ETF outflows hit appetite for risky assets.

GuideCrypto Fear and Greed Index today: how fearful or greedy the crypto market is

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Bitcoin, Ether

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake

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