Crypto News Today: Bitcoin Loses $72K as $550B Vanishes From Cryptocurrency Market

The decline followed a broader deterioration in investor sentiment, with more than $550 billion reportedly erased from the cryptocurrency market since its October highs. Bitcoin’s latest weakness also raised concerns about whether the correction could deepen if institutional demand remains subdued.

Bitcoin (BTC) fell to approximately $71,548, losing around 2.8% over 24 hours after retreating from an intraday high near $74,695. The decline followed a series of failed attempts to regain the $73,000 level, leaving the market vulnerable to further losses.

Bitcoin (BTC) price chart. Source: Brave New Coin

Trading activity showed BTC breaking below both $73,000 and $72,000 as sellers gained control. Data from Binance also showed Bitcoin briefly trading below $72,000 on November 12, marking its weakest levels since August, according to market reports.

The cryptocurrency later recovered into the $73,000 range, but the rebound did little to remove concerns about the broader trend. Bitcoin remained under pressure after losing several important short-term price levels.

The decline has also affected the wider digital asset market. Ethereum and other large-cap cryptocurrencies experienced selling pressure as investors reduced exposure to risk-sensitive assets.

Market estimates indicate that more than $550 billion in total cryptocurrency market value has disappeared since October’s highs. Bitcoin has also lost approximately 9% over the past week in the latest reported downturn, reflecting the scale of the correction.

Leveraged trading has amplified Bitcoin’s decline, with forced position closures adding to selling pressure across cryptocurrency exchanges.

According to liquidation figures cited in recent market reports, more than $650 million in crypto positions were liquidated over 24 hours. One estimate placed total liquidations near $723 million, with approximately 79% involving long positions.

Long liquidations reached $380 million in four hours, contributing to more than $650 million in total crypto liquidations over 24 hours, including $125 million cleared within minutes. Source: @BullTheoryio/X

The pressure intensified during shorter trading windows. WatcherGuru reported that Bitcoin’s drop below $72,000 triggered more than $125 million in long liquidations within 20 minutes. Another report identified approximately $222 million in long positions liquidated over 30 minutes.

Bitcoin futures traders also faced substantial losses. CoinDesk reported that BTC liquidations reached approximately $200.5 million over 24 hours, with 85% involving long positions. Total crypto futures liquidations surged to approximately $725 million during the same period, according to CoinGlass data cited by the publication.

These figures cover different reporting periods and liquidation categories, so they should not be added together.

The mechanism behind these events can accelerate market declines. When leveraged traders fail to maintain sufficient margin, exchanges automatically close their positions. These forced transactions can generate additional selling, pushing prices lower and triggering further liquidations.

The concentration of losses among long traders indicates that many participants were positioned for higher prices before the latest downturn. Their forced exits added pressure to an already weakening market.

U.S. spot Bitcoin exchange-traded funds have also contributed to the negative market backdrop. Persistent withdrawals from these investment products have reduced an important source of institutional buying demand.

According to CoinDesk, U.S. spot Bitcoin ETFs recorded $95 million in net outflows on Tuesday, November 10, extending the withdrawal streak to four consecutive trading sessions. The publication reported that BlackRock’s iShares Bitcoin Trust (IBIT) accounted for $78 million of those withdrawals.

A sharp market decline triggered $222 million in crypto long liquidations within just 30 minutes. Source: @WatcherGuru/X

The latest outflows followed withdrawals of approximately $201 million on Monday, $412 million on Friday, and $430 million on Thursday.

Together, these figures highlight sustained selling pressure across the spot ETF market. Other market reports have placed cumulative withdrawals above $1.4 billion over five days, although totals vary depending on the reporting window.

ETF flows matter because these products provide investors with regulated exposure to Bitcoin without requiring direct ownership of the cryptocurrency. Consistent inflows can support market demand, while prolonged withdrawals indicate that some investors are reducing their exposure.

The weakness has also coincided with pressure across technology stocks. Bitcoin’s failure to follow a rebound in Nasdaq-linked assets has raised questions about its near-term demand, particularly as institutional investors reassess their exposure to risk-sensitive markets.

Macroeconomic uncertainty has added another challenge for cryptocurrency investors.

The US Bureau of Labor Statistics reported that the Consumer Price Index (CPI) increased 0.4% month over month in October, exceeding economists’ expectations of 0.3%. Although the reading was lower than September’s 0.6% increase, it indicated that inflation remained persistent.

Core CPI, which excludes food and energy, increased 0.3% during the month. Shelter costs rose 0.3%, while the food index increased 0.5%.

The hotter-than-expected inflation reading strengthened concerns that the Federal Reserve could maintain restrictive monetary conditions for longer or consider another interest-rate increase.

According to CoinDesk, traders raised the probability of a quarter-point Fed rate hike at the December 8–9 meeting to approximately 90% following the inflation release, based on CME FedWatch data.

Higher interest-rate expectations can weigh on assets such as Bitcoin by increasing the relative appeal of interest-bearing investments and tightening financial conditions. They can also reduce investors’ willingness to maintain leveraged positions in volatile markets.

CoinDesk also reported that stablecoin liquidity had weakened. CryptoQuant data showed that Tether’s USDT market capitalization declined by $6.6 billion over 60 days.

“Stablecoin growth funded every rally this cycle,” CryptoQuant wrote on X, according to CoinDesk.

A contraction in stablecoin supply can indicate reduced purchasing power available within cryptocurrency markets, although it does not independently establish the direction of future prices.

Bitcoin’s latest breakdown has shifted attention toward the $70,000 psychological level as traders assess whether selling pressure will continue.

The recovery above $72,000 offers some evidence that buyers remain active at lower prices. However, sustained trading below the previously established support levels could leave BTC exposed to another downward move.

Losing the $72,000 support level puts Bitcoin at risk of breaking below $70,000. Source: Monolith-Trades/TradingView

The broader market structure also remains under pressure. CoinDesk cited CryptoQuant’s estimate of Bitcoin’s 200-day moving average near $73,200, a level that has become important during the current correction. Its 365-day moving average stood near $76,400, highlighting the distance BTC would need to recover to regain that longer-term benchmark.

ETF flows, derivatives positioning, and macroeconomic developments are likely to remain important indicators of market direction.

For now, Bitcoin’s brief fall below $72,000, substantial long liquidations, and continued institutional fund withdrawals illustrate the challenges facing the cryptocurrency market. A sustained recovery would require stronger buying demand and improved market liquidity, while another loss of support could increase selling pressure toward $70,000.