The cryptocurrency market extended its decline into the weekend, a period that typically sees calmer trading, with bitcoin leading a broad move lower. The largest digital asset fell below $67,000 for the first time in almost three months, while ether dropped under $1,900 and XRP briefly lost the $1.00 level.
Liquidations across leveraged positions approached $700 million over the past day, according to CoinGlass data cited in the report.
Bitcoin's slide
Bitcoin's recent weakness follows a volatile stretch that began after the US midterms, when the price initially slipped below $76,000 before jumping to $81,000 within hours on November 5. That rally proved short-lived, and the subsequent rejection pushed the price back below its starting point by that Friday.
The following weekend was quieter, with bitcoin trading near $76,000. The new business week opened with a drop below $74,000; bulls defended that level for a day, but bearish sentiment persisted. Bitcoin first slipped below $73,000 after a hotter-than-expected CPI reading, and selling pressure intensified later in the week.
Friday the 13th brought a sharp move below $68,000 to a multi-month low. A rebound to $70,000 did not hold, and the price fell again on Saturday morning to $66,500 — a level last seen in mid-August, just before its previous breakout rally.
Bitcoin's market capitalization has declined to $1.35 trillion on CoinMarketCap, while its dominance over alternative assets has slipped to 59.5%.
Altcoins under pressure
XRP also broke below a psychological threshold, dipping to $0.984 earlier in the morning. The token had stood at $1.35 less than ten days earlier. Ether fell below $1,900 and is attempting to hold above that level; ETH was close to $2,500 on November 5.
Among other large-cap assets, BNB traded at $620, SOL struggled around $76, and HYPE was beneath $70. A handful of tokens posted insignificant gains, including ZEC, XMR, NEAR, LTC, and PUMP, but most mid- and lower-cap altcoins remained in the red. PEPE recorded a decline of about 6%.
Market-wide impact
The total cryptocurrency market capitalization has shed another $110 billion over the past couple of days and now stands at $2.330 trillion on CoinMarketCap. The scale of the move has translated into a fresh increase in liquidations, with nearly $700 million in leveraged positions wiped out in the past day.
