Why is Bitcoin Falling? ETH And XRP Prices Crash As $60 Billion Leaves Crypto

Bitcoin fell to $68,617, its lowest level in three months. The sell-off forced out hundreds of millions of dollars in leveraged bets within an hour, and XRP dropped to the $1 mark. Bitcoin is down 6.6% over 24 hours and 9.5% over the week. Ethereum fell 6.0% to $1,926.48 and has lost 13.7% in seven days. About $60 billion was wiped off the total crypto market value in four hours, according to reports.

How Fast the Selling Hit

The drop started when Bitcoin broke below $72,000. It then fell through $70,000 and $69,000, and each break set off more forced selling.

Liquidation figures differ by source, but every count shows a sharp spike:

• Early in the slide, $175 million was liquidated in 30 minutes as Bitcoin lost $70,000 and Ether fell below $2,000.
• Others reported $225 million in liquidations over 60 minutes: $176.6 million in longs and $49.3 million in shorts.
• Later counts shared on X put the one-hour total above $440 million, with $417 million coming from long positions.
• Coin Bureau put the liquidations at over $500 million in a single hour.

Most of the losses fell on traders betting on higher prices. When the market moves against them, their positions are closed automatically, and that selling adds to the drop.