Bitcoin fell below $69,000 on Friday, its lowest level since August, as a wave of liquidations hit leveraged bets on higher prices. The cryptocurrency traded near $68,800 at 1:53 p.m. Eastern, down about $2,570, or 3.6%, from about $71,370 at 7 p.m. Eastern Thursday. Its low on Friday was the weakest since Aug. 19.
About $1.6 billion in leveraged crypto positions were liquidated over 24 hours, roughly $1.44 billion of them bets on rising prices, according to CoinGlass data cited by Stocktwits. Tim Sun, a senior analyst at HashKey, told Decrypt that the drop was “directly triggered by a concentrated liquidation of leveraged long positions,” while “the deeper issue lies in steadily weakening market demand.”
U.S. spot bitcoin exchange-traded funds have recorded six straight days of net outflows, Decrypt reported, citing CoinGlass.
The slide comes as hot inflation data push up expectations of a Federal Reserve rate increase in December. The dollar index traded near 103.4, its highest level since April 2025, Stocktwits reported.
Bitcoin trades around the clock, and these figures will keep changing.
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