Bitcoin crashes below $70,000 critical support as XRP hit hardest, liquidating traders for over $1B

Bitcoin retreated below the critical $70,000 support level, initiating a widespread selloff across digital assets that resulted in the liquidation of over $1 billion in trading positions. Ethereum dropped 7% to around $2065, and XRP was hit the hardest, falling more than 14% to $1.35. Other major tokens like Cardano, BNB, Solana, and Dogecoin also saw significant losses, reflecting a rapid shift from post-election euphoria to risk-off sentiment, with capital rotating toward equities and commodities. On-chain data from Glassnode showed the second-largest spike in Bitcoin's capitulation metric in two years, signaling accelerated de-risking. Derivatives markets saw over $120 million liquidated in one hour alone, with total 24-hour liquidations reaching approximately $1.06 billion, predominantly affecting long (bullish) positions.

(Source：CryptoSlate)