Haciyev Reşit 
Bitcoin fell below the $71,000 level on Wednesday night amid rising selling pressure, dropping to its lowest level since October 2024. The deepening risk-off sentiment in global markets has pushed investors away from risky assets, triggering a broad sell-off across the cryptocurrency market. Alongside Bitcoin’s decline, altcoins also suffered sharp losses, while rising volatility further weakened overall market sentiment.
Why Did Bitcoin Drop Sharply?
Bitcoin, the world’s largest cryptocurrency, lost more than 7% over the past 24 hours, falling to as low as $70,894. Increasing selling pressure in global markets has driven investors away from risk assets. Analysts note that this decline is not due to a structural issue specific to crypto, but rather the result of a sharp sell-off in U.S. markets, outflows from spot Bitcoin ETFs, and weak performance in technology stocks that together intensified the broader risk-off environment.
Losses Deepen Across Altcoins
The sharp pullback in Bitcoin led to widespread losses across the altcoin market. Ethereum, the second-largest cryptocurrency by market value, fell 7.8% to around $2,090, while many major altcoins recorded double-digit declines. The heavy concentration of highly leveraged positions amplified price movements, causing selling pressure to escalate rapidly. This weakness in the crypto market also spilled over into crypto-related equities. Shares of U.S.-based crypto exchange Coinbase declined 6.14%, while Ethereum-treasury-focused firm Bitmine fell 9.17%, highlighting the growing risk perception among equity investors as well.
Liquidations Exceeded $800 Million in 24 Hours
According to CoinGlass data, more than 172,000 investors were liquidated over the past 24 hours, with total liquidations surpassing $831 million. The majority of these liquidations came from long positions.
- 24-hour long liquidations: $695 million
- 12-hour liquidations: $464 million
- Largest single liquidation: $11.36 million on the BTCUSDT pair
The concentration of liquidations above the $72,000 level indicates that leveraged long positions remain at significant risk.
Gold and Silver Prices Also Pulled Back
The growing risk-off sentiment in global markets pressured not only crypto assets but also precious metals. Gold prices, often viewed as a safe haven, retreated to around 4,852, while silver fell to the $75 level, approaching recent lows. Rising volatility and investors’ preference for cash increased selling pressure on precious metals. Analysts suggest that a strong dollar outlook, expectations of higher interest rates, and tightening global liquidity conditions could continue to weigh on gold and silver prices in the short term. However, geopolitical risks and a potential rise in inflation expectations could provide renewed support for precious metals over the medium term.
Markets Watching the Critical $70,000 Level
Experts emphasize that whether Bitcoin can hold the psychological $70,000 support level will be decisive for short-term direction. A slowdown in liquidations, easing ETF outflows, and a recovery in risk appetite are seen as early signs that selling pressure may be weakening. This sharp decline in Bitcoin and altcoins clearly demonstrates the impact of macroeconomic uncertainty and global risk-off sentiment on the crypto market. While volatility is expected to persist in the short term, analysts broadly agree that long-term crypto adoption continues to offer strong potential.
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