Crypto Liquidations Surpass $1 Billion as Bitcoin Hits 11-Week Low

The digital asset market experienced severe turbulence as crypto liquidations topped $1 billion within a 24-hour period. Bitcoin tumbled toward the $75,500 region after touching an intraday low of $74,780.91, marking its lowest reading since August 21.

Data from CoinGlass indicated that total liquidations reached $1.05 billion. Long positions, which rely on rising prices, made up $930.04 million or 88.2% of the forced closures, while short positions accounted for $124.69 million. Bitcoin represented $267.20 million of the total liquidations, and Ethereum recorded $167.14 million. The disparity between long and short liquidations aligned with the Fear and Greed Index, which dropped to 28 points out of 100 to signal approaching extreme fear.

Over $1 billion in crypto liquidations wiped out traders as Bitcoin hit an 11-week low.

The market retreat arrived on the heels of a brutal selloff in U.S. technology stocks. The Nasdaq Composite plunged 5.52% in its worst session in 19 months, while the Philadelphia semiconductor index dropped over 12% and Nvidia lost more than 9%. Market participants pointed to Democratic victories in midterm elections and concerns regarding potential AI regulations as catalysts for the tech rout.

A stronger-than-expected October jobs report also heightened expectations for another Federal Reserve rate hike in December, increasing borrowing costs and placing additional pressure on speculative assets. Technical indicators showed Bitcoin trading below its 50-day and 200-day exponential moving averages, with the Relative Strength Index reading 37.7.

Why it matters

The sudden drop in digital assets and equities alters short-term market stability, exposing leveraged traders to total fund losses when collateral falls below exchange requirements. Higher borrowing costs and regulatory concerns continue to weigh on speculative markets, leaving investors navigating heightened volatility across global financial exchanges.