Bitcoin Drops Below $70,000 as Liquidations Hit $773M

Bitcoin fell over 4% to $69,800 amid a massive $773 million liquidation event and rising geopolitical tensions in the Middle East.

Bitcoin has retreated to approximately $69,800, marking a decline of over 4% in the last 24 hours and more than 9% on a weekly basis. The largest cryptocurrency by market capitalization briefly broke below the psychological $70,000 support level, hitting its lowest valuation since mid-April.

The total crypto market capitalization has contracted to around $2.4 trillion. Meanwhile, the Fear and Greed Index remains deep within the “Fear” zone with a reading of 31 points, highlighting a sharp pivot in investor sentiment.

Liquidations Accelerate the Sell-Off

The initial price dip quickly evolved into a classic liquidation cascade across the derivatives market.

Data from Coinglass reveals that over $773 million in positions were liquidated in the last 24 hours, with $678 million of that total coming from long positions. Bitcoin alone saw liquidations exceeding $37 million, making it the hardest-hit asset during this market rout.

In total, more than 151,000 traders faced liquidations within a single day. The largest individual liquidation occurred on Binance for the BTC/USDT pair, valued at nearly $24 million.

Geopolitics Introduce New Risks

The sell-off gained further momentum due to escalating tensions in the Middle East.

Investors reacted negatively to reports that Iran has suspended negotiations with the US and is weighing more aggressive actions in critical maritime corridors, including the Strait of Hormuz. Such a scenario could trigger a spike in energy prices and intensify inflationary pressure on the global economy.

Against this backdrop, investors are actively reducing exposure to riskier assets, including both cryptocurrencies and high-tech stocks. Among major altcoins, XRP lost nearly 4% in a day, Solana retreated by over 2%, and TRON fell by roughly 3%. Ethereum showed relative resilience with a drop of less than 2%, while BNB managed to limit its losses despite the broader market pressure.

One of the few bright spots remains Hyperliquid (HYPE), which continues to post double-digit weekly gains driven by strong institutional interest and anticipation surrounding new ETF products linked to the token.

For now, market participants are focused on whether Bitcoin can reclaim and defend the $70,000 zone. If pressure on risk assets persists and liquidations continue to mount, volatility may remain elevated in the coming days as investors monitor geopolitical developments and macroeconomic signals from the US.

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