Crypto market selloff triggers $1.3 billion in futures liquidations as bitcoin falls below $70,000
A broader risk-off move in digital assets intensifies early Friday as bitcoin falls to its lowest level since Aug. 19 and ether drops below $2,000. The decline coincides with a stronger U.S. dollar, rising expectations of a Federal Reserve rate increase and renewed geopolitical tension in the Middle East.
Highlights
- Bitcoin drops below $70,000 to $69,000, down 17% this quarter, marking its lowest level since Aug. 19 amid broad crypto weakness.
- The Dollar Index (DXY) rises above 103, up nearly 2% since early October, as stronger Fed rate-hike odds pressure risk assets including crypto.
- Crypto exchanges liquidate over $1.3 billion in futures positions in 24 hours, with $677 million from bitcoin, triggered by macro and geopolitical tensions.
Market slide deepens amid dollar strength
As reported by CoinDesk, bitcoin falls below $70,000 early Friday, touching $69,000 and marking its lowest level since Aug. 19. CoinDesk data shows the token is down 17% this quarter, reversing a significant share of the gains recorded in the previous three months.The broader crypto market also weakens. Ether trades below $2,000 for the first time since August, XRP hovers near $1 and Solana's SOL falls below $80, while smaller tokens including GT, Stacks and XMR drop 7% or more.
The pressure comes as the Dollar Index, or DXY, trades above 103, its highest level since April 2025. The index has risen nearly 2% since early October as stronger odds of Fed rate hikes weigh on liquidity-sensitive risk assets.
Liquidations mount as macro and geopolitical risks rise
Expectations for tighter U.S. monetary policy strengthen after a hotter-than-expected U.S. consumer price index reading for October released earlier this week. The odds of a half-percentage-point Federal Reserve rate increase in December have increased, adding to pressure across speculative markets.At the same time, reports point to renewed military escalation in the Middle East. Iran's IRGC says it destroyed a U.S. early-warning radar in Bahrain in response to an air attack on a telecoms tower in Sirik, with remarks carried by the semi-official Tasnim news agency describing the strike as a serious warning and calling for an end to what it terms repeated aerial provocations and oil smuggling in the Strait of Hormuz.
According to Coinglass data cited in the report, exchanges liquidate more than $1.3 billion in crypto futures positions over 24 hours, including $677 million tied to bitcoin alone. Nearly $500 million of those liquidations occur as BTC falls below $70,000, highlighting how heavily the market is positioned with leverage.
Earlier, we outlined how the Nasdaq-100 selloff persisted alongside the launch of the JQQQ blockchain fund.
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