Bitcoin Drops to $69K On 'Concentrated Liquidation' and 'Weakening' Demand

In brief

• Bitcoin slipped 5% on Friday, briefly dropping below $69,000. It is the lowest price the leading cryptocurrency has sit since August.
• Market analysts say the downward move was triggered by a "concentrated liquidation" and "weakening" demand for crypto across ETFs, stablecoins, and treasury firms.
• It also comes in the wake of a "hotter than expected" consumer price index report and Nvidia CEO Jensen Huang resigning from the company.

Leading cryptocurrency Bitcoin has dropped 5.6% on the day, and is currently trading at just over $69,300, per Decrypt data. It comes after the latest consumer price index, or CPI, results came in "hotter than expected," experts said, with the drop was triggered by a "concentrated liquidation."

Bitcoin's plunge took it to a 24-hour low of $67,922, its lowest level since mid-August, when it boosted from $63,000.

$76.2k$73.5k$70.8k$68.1k

24h HighHigh$73,033

24h LowLow$67,922

VolVol$2.2B

Market projectionsOdds by Myriad

"Bitcoin’s drop below $69,000 was directly triggered by a concentrated liquidation of leveraged long positions," Tim Sun, senior analyst at Hashkey, told Decrypt. "Though the deeper issue lies in steadily weakening market demand."