Bitcoin Drops Below $69,000 Amid $1.4 Billion in Liquidations

Bitcoin has retreated below the $69,000 mark for the first time in nearly two months. This downward movement follows the asset hitting $81,000 last week. Selling pressure intensified over recent days due to new inflation data and tensions in the Middle East.

The altcoin market is following the negative trend of the leading cryptocurrency. Ethereum fell to the $1,925 range after a 6% daily decline. XRP is also showing a sharp devaluation and is trading near the $1 level.

Liquidation volume in the derivatives market reached $1.4 billion over the last 24 hours. Long positions account for $1.26 billion of that total. More than 170,000 traders had their positions forcibly closed during this period.

Bitcoin leads the liquidation volume with $742 million. Ethereum occupies the second position with $250 million in lost positions. The current landscape points to a sharp shift in sentiment following the optimism observed just after the midterm elections.