The cryptocurrency market came under renewed selling pressure early Friday, sending Bitcoin below $70,000 and pushing Ethereum beneath the $2,000 level. The decline triggered a substantial wave of forced liquidations in crypto futures markets, further accelerating the downturn.
Bitcoin’s losses deepened as the U.S. dollar strengthened against major global currencies, reaching its highest level since April 2025.
Data from CoinDesk shows that BTC briefly fell to approximately $69,000, its lowest price since August 19. The cryptocurrency has shed around 17% of its value this quarter, reversing much of the upward momentum established during the previous three months.
The sell-off also affected the broader digital asset market. Ethereum dropped below $2,000 for the first time since August, while XRP moved closer to $1 and Solana’s SOL slipped beneath $80. Several smaller cryptocurrencies, including GT, Stacks, and XMR, recorded declines of 7% or more.
Meanwhile, the U.S. Dollar Index (DXY), which measures the greenback against a group of major currencies, climbed past 103. This marked its strongest reading since April 2025. The index has advanced nearly 2% since the beginning of October as traders increasingly anticipate further Federal Reserve tightening. Dollar strength generally puts pressure on risk-sensitive investments, particularly assets that depend on abundant market liquidity.
Expectations of a 50-basis-point rate increase in December have gained momentum following the release of October’s hotter-than-expected U.S. Consumer Price Index (CPI) figures earlier this week.
Geopolitical developments have added to market uncertainty. Reports indicate that military tensions in the Middle East have escalated again after Iran’s Islamic Revolutionary Guard Corps (IRGC) announced the destruction of a U.S. early-warning radar installation in Bahrain. The operation was reportedly carried out in response to an airstrike on a telecommunications tower in Sirik.
According to remarks published by the semi-official Tasnim news agency, the IRGC described the operation as a serious warning to its adversaries. It also called for an end to what it characterized as repeated aerial provocations and oil smuggling through the Strait of Hormuz.
Despite the latest developments, crude oil prices remained relatively contained. West Texas Intermediate (WTI) traded around $88 per barrel, retreating slightly from Thursday’s high of $89.15.
Bitcoin Drop Triggers More Than $1.3 Billion in Liquidations
The accelerating market decline has caused widespread losses among leveraged cryptocurrency traders. According to Coinglass, exchanges liquidated more than $1.3 billion in crypto futures positions over the past 24 hours. Bitcoin accounted for approximately $677 million of those forced closures.
Around $500 million in leveraged positions were liquidated as BTC moved below $70,000, highlighting how heavily traders were positioned for further price gains.
Liquidations take place when an exchange automatically closes a leveraged trade after market losses push a trader’s available margin below the minimum maintenance requirement. Bitcoin’s sudden decline likely pushed numerous bullish long positions beyond their collateral limits, forcing exchanges to close those trades and generate additional selling pressure.
The largest individual liquidation involved a Bitcoin long position valued at over $31 million. The leveraged bullish trade was placed on Hyperliquid, a decentralized cryptocurrency derivatives exchange.
