Bitcoin Plunges Below $74,000 as $1 Billion in Crypto Liquidations Hits Market in Minutes

Bitcoin fell sharply below $74,000 on November 8, wiping out more than $1 billion in leveraged positions across the crypto market in roughly 10 to 15 minutes. The sell-off also dragged Ethereum below $2,100, XRP below $1.10, and Solana below $90, with $700 million in long positions alone liquidated in the initial wave. CoinGlass data showed total 24-hour liquidations reaching approximately $1.05 to $1.09 billion, with long positions accounting for roughly 88% of the forced closures and around 211,000 traders affected.

The crash followed a broader sell-off in U.S. technology and AI stocks that spilled into crypto derivatives markets, triggering cascading forced liquidations among highly leveraged traders. Bitcoin had been holding above $75,731 earlier in the session, but the external shock overwhelmed that support level rapidly. The episode came against an already fragile backdrop, with Bitcoin spot ETFs recording four consecutive weeks of outflows totaling $1.3 billion, underscoring persistent institutional hesitation.

The sudden drop brought Bitcoin to its weakest intraday price since August 21, erasing gains that had built up following recent U.S. midterm election results. Analysts noted that the speed and scale of the liquidations illustrated the outsized risk posed by high leverage in crypto derivatives markets when external financial shocks strike.