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Bitcoin Falls Below $71,000 Amid Sell-Off
Bitcoin fell nearly 8% on Thursday to levels around $70,000 as declining liquidity and a large-scale sell-off in global technology stocks put renewed pressure on risk assets.
The world’s largest cryptocurrency was last trading 7.6% lower at $70,427.1 as of 07:28 MSK, remaining at its lowest levels since early November 2024.
Earlier in the session, it had dropped to $70,129.6.
Bitcoin declined in seven of the last eight trading sessions, losing more than 40% from its record peak near $126,000 reached in October.
Bitcoin Drops Amid Lower Liquidity and Equity Sell-Off
Reports showed that liquidity was notably thin, amplifying price movements and contributing to a cascade of forced liquidations after Bitcoin slipped through widely watched thresholds.
The decline followed a sharp overnight sell-off in global technology stocks, where concerns about the pace of artificial intelligence adoption and rising capital expenditures by major firms weighed heavily on valuations.
Losses in U.S. tech stocks spilled over into Asian markets and extended into cryptocurrencies, which increasingly trade in tandem with high-growth equities during periods of market stress.
The move was exacerbated by mass liquidations of leveraged positions, particularly in derivatives markets, after Bitcoin’s fall below the $75,000 level triggered stop-loss orders.
According to crypto analytics firm CoinGlass, approximately $770 million worth of crypto positions were liquidated over the past 24 hours.
Broader macroeconomic pressure also weighed on prices: the U.S. dollar strengthened while global bond yields rose, reducing appetite for speculative assets.
Precious metals, typically viewed as alternative safe havens, also suffered significant losses, highlighting unstable liquidity conditions across asset classes.
Silver prices fell nearly 17% during Asian trading, erasing recent gains and causing sharp volatility, while gold weakened amid stress.
Sentiment around cryptocurrencies deteriorated after several weeks of unstable trading and repeated failed attempts to reclaim higher levels.
Crypto Prices Today: Altcoins Also Fall, XRP Down 10%
Most altcoins also declined on Thursday amid the broader sell-off.
The world’s second-largest cryptocurrency, Ethereum, fell 7.4% to $2,098.92.
The third-largest cryptocurrency, XRP, dropped 10% to $1.42.
Solana fell 6%, Cardano declined 5%, and Polygon lost 3.2%.
Among meme tokens, Dogecoin fell 6%, while $TRUMP dropped 3.5%.
See also: "Bitcoin Falls to a 15-Month Low Amid Global Market Sell-Off"
