Bitcoin Price Dumps Below $69K as Liquidations Top $1.4B: XRP and ETH Bleed Heavy

ETH slumped toward $1,900, while Ripple's token is close to breaking below $1.00

Whether it’s the broader market’s turbulence spreading into crypto or intensifying pressure on the macro front, the reality is that bitcoin has been in a freefall state for a while now, which culminated minutes ago with a massive drop below $69,000 for the first time in almost two months.

With the altcoins copying BTC’s major leg down, the total value of liquidated positions has skyrocketed to $1.4 billion on a 24-hour scale. Longs continue to dominate.

BTC Tanks Hard Again

It was just last Wednesday when the primary cryptocurrency tapped $81,000 after the Democratic sweep in the midterms. Since then, though, the bears have been in complete control. At first, they pushed the asset down to under $76,000 just 24 hours after that spectacular rise above $80,000. A few relatively calm days followed, with bitcoin trading sideways between $75,000 and $76,000.

The current business week began with another leg down, this time to under $74,000. The cryptocurrency managed to stand still for a bit, but the selling pressure intensified once again on Tuesday after the CPI reading, and it slipped below $73,000.