Bitcoin Drops Below $68K as Liquidations Hit $1.6B

BitcoinBTC-6.07% Touches Three-Month Low Near $67,500

The cryptocurrency market experienced a sharp downturn on November 12, 2026, as Bitcoin dropped below the $68,000 threshold. The world's largest digital asset tumbled to an intraday low of $67,500 before recovering slightly to trade near $68,000. At its lowest point, Bitcoin had shed nearly 9% since slipping below $74,000 on November 11, extending its month-to-date losses past 13%.

The price decline pushed Bitcoin's total market capitalization below $1.38 trillion and pulled the valuation of the broader cryptocurrency market down to $2.4 trillion.

Investors should note that digital asset markets can experience rapid changes in short periods. Past performance of digital assets does not guarantee future returns.

Altcoins Experience Widespread Selling Pressure

Alternative cryptocurrencies suffered notable declines alongside Bitcoin during the sell-off:

• EthereumETH-5.12%: Fell to $1,910 after dropping below $2,000 hours earlier, marking a daily loss of over 6%.
• XRPXRP-0.94%: Briefly dipped below the $1 price level, extending its weekly decline to more than 15%.
• SolanaSOL-3.18%: Decreased from above $83 to $78.
• Zcash (ZEC): Dropped to $915 after losing the $1,000 support level earlier in the week.
• Monero (XMR): Declined 7% to trade around $519.

Most other major altcoins registered losses between 4% and 6%. A few tokens showed relative stability, with HyperliquidHYPE+0.79% declining 0.8% and TRX slipping 2%.

Understanding the $1.6 Billion Liquidation Cascade

In crypto derivatives trading, leverage allows traders to open larger positions using borrowed funds. However, if market prices move against those positions, exchanges automatically close them to prevent further losses. This process is known as liquidation.

Data from Coinglass revealed that total derivatives liquidations across the market reached $1.62 billion over a 24-hour window. The majority of impacted trades were bullish positions:

• Long Liquidations: Bullish bets accounted for $1.46 billion, or nearly 90% of total wiped-out positions.
• Bitcoin Longs: Over $901 million in leveraged Bitcoin long positions were liquidated, with almost $560 million cleared within just four hours.
• Short Liquidations: Bearish trades accounted for only $31 million in liquidations over the same 24-hour period.

Factors Influencing the Market Downturn

Market participants pointed to multiple contributing factors behind the sharp movement. Broader financial markets faced volatility following news surrounding former Nvidia CEO Jensen Huang's departure, which created cautious sentiment across tech and risk assets.

Beyond external news, structural dynamics within the market played a key role. Analysts noted that macroeconomic headwinds, institutional selling, and leverage unwinds created a compounding effect. As prices dropped, automated margin calls forced further liquidations, accelerating downward price momentum.

While derivative liquidations can create short-term price pressure, market participants should stay informed about ongoing market risks and inherent volatility.