Bitcoin falls below $69,000 as liquidations top $1.6B and dollar rallies

Bitcoin broke below $70,000 and slid to $68,758, down 4.09% in 24 hours, according to CoinGecko data. CoinDesk reports that the drop took Bitcoin to a 12-week low as the dollar rallied on the interest-rate outlook and liquidations topped $1.6 billion.

Since our last recap, Bitcoin has lost roughly another $2,100. The selling has also spread from a sentiment story to a leverage story, with forced liquidations and pressure on Bitcoin and Ether treasury firms.

Bitcoin

Bitcoin traded at $68,758 at the time of the CoinGecko snapshot. It is down 4.09% over 24 hours and 9.38% over seven days. The 24-hour range ran from $67,922 to $71,991. Trading volume was $43.6 billion. You can follow the move on the BTC/USD chart.

Decrypt says experts tied the fall to a "concentrated liquidation" and "weakening" demand. Cointelegraph notes that price touched its 200-week simple moving average for the first time since mid-August as it fell below $68,000. The same report cites an analyst who sees a risk of $57.7K next.

CoinDesk reports that Bitcoin is heading for a sixth weekly loss and is down 21% this year.

Ether and the other majors

Ether fell 3.77% to $1,930.48 and is the second-weakest major over the week. XRP was nearly flat on the day but has lost the most over seven days. Cardano was the only major in the green over 24 hours.

CoinDesk reports that Ethereum treasury firm BTCS sold ether at a loss to keep a $64 million Aave loan healthy. The loan could become eligible for liquidation if ether slides to around $1,700, per CoinDesk.

Breadth and sentiment

Total crypto market capitalization stood at $2.335 trillion, down 5.86% in 24 hours. Bitcoin dominance was 59% and Ether dominance 10.1%.

The Alternative.me Fear & Greed Index read 20 (Extreme Fear) today, down from 28 yesterday. Over the past eight days it ranged between 25 and 32 before this drop, so today's reading is the lowest in that window.

What drove the market

• Dollar and rates. CoinDesk's live coverage says equities fell too, with rates and the dollar surging amid an increasingly hawkish Federal Reserve. Our sister site covers the same dollar strength in the yen's touch of 160.
• Cooler PPI did not help. Cointelegraph reports a tepid reaction to October's US PPI, which came in below expectations.
• ETF redemptions. According to CoinDesk, US Bitcoin ETFs are now down over $1.5 billion in net outflows for the year.
• Treasury firm strain. CoinDesk reports that Nakamoto owes Kraken $165 million, more than its market value, with about 70% of its coins pledged to the exchange.

What to watch next

1. SEC nominations. CoinDesk reports the Senate Banking Committee set President Trump's SEC picks for review next week.
2. Anthropic IPO. CoinDesk says investors are weighing the anticipated listing.
3. Nvidia fallout. Decrypt reports House panels requested December interviews with Jensen Huang.
4. SpaceX-Tesla talks. A deal could be announced as soon as December, putting 30,000 bitcoin under one roof, according to CoinDesk.
5. Ether near $1,700. The BTCS loan threshold flagged by CoinDesk.

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