Bitcoin's sell-off intensified on November 12 as the cryptocurrency plunged to $67,500, its lowest level in nearly three months. The decline extended November losses beyond 11% and pushed the broader cryptocurrency market into sharp losses across major digital assets.
According to Bitstamp data, Bitcoin tumbled to $67,500 at 1:54 a.m. EST on November 12 before recovering to trade near $68,000. At its intraday low, the cryptocurrency had shed nearly 9% since falling below $74,000 on November 11, bringing month-to-date losses to more than 13%.
Major altcoins suffered steep declines alongside Bitcoin. Ethereum dropped below $1,910, representing more than 6% in daily losses. XRP briefly breached the $1 threshold, extending its weekly decline to more than 15%. Solana slid from above $83 to $78, while Zcash fell to $915 after surrendering the $1,000 level earlier in the week. Monero shed 7% to trade around $519. Most other major altcoins recorded losses ranging from 4% to 6%.
The widespread sell-off pushed Bitcoin's market capitalization below $1.38 trillion and dragged the broader cryptocurrency market's valuation to $2.4 trillion.
Liquidations Hit Record Levels
The derivatives market delivered significant losses to leveraged traders. According to 24-hour Coinglass data, more than $901 million in leveraged Bitcoin long positions were liquidated, including nearly $560 million wiped out within just four hours. Short liquidations totaled only $31 million over the same period.
Across the broader cryptocurrency market, total liquidations surged to $1.62 billion, with bullish positions accounting for $1.46 billion, or nearly 90% of the total.
Market Drivers
Observers have attributed crypto's November downturn to various factors, including macroeconomic headwinds, institutional selling, and leverage unwinds. According to analysis, cascading liquidations have created a self-reinforcing loop, with margin calls fueling further forced selling and accelerating the decline.
