Bitcoin Price Today: Plunges Below $71k As Global Tech Sell-off Hits Risk Assets

Bitcoin slumped nearly 8% on Thursday to hit lows near $70,000 levels, as thinning liquidity and a broad sell-off in global technology stocks triggered renewed pressure on risk assets.

The world's largest cryptocurrency last traded 7.6% lower at $70,427.1 by 00:28 ET (05:28 GMT), remaining at its lowest levels since early November 2024.

It plunged to as low as $70,129.6 earlier in the session.

Bitcoin has declined in seven of the last eight trading sessions, shedding over 40% from the record peak near $126,000 reached in October.

Bitcoin slumps amid thinning liquidity, stocks sell off

Reports showed that liquidity was notably thin, amplifying price moves and contributing to a cascade of forced liquidations after bitcoin slipped through widely watched thresholds.

The decline followed a sharp sell-off in global technology stocks overnight, where concerns over the pace of artificial intelligence adoption and rising capital spending by major firms weighed heavily on valuations.

Losses in U.S. tech shares spilled into Asian markets and extended into cryptocurrencies, which have increasingly traded in tandem with high-growth equities during periods of market stress.

The move was exacerbated by heavy unwinding of leveraged positions, particularly in derivatives markets, after bitcoin's drop below the $75,000 level triggered stop-loss orders.

Nearly $770 million in cryptocurrency positions were liquidated over the past 24 hours, according to data from crypto analytics firm CoinGlass.

Broader macroeconomic pressures also weighed on prices, with the U.S. dollar firming and global bond yields edging higher, reducing appetite for speculative assets.

Precious metals, typically seen as alternative safe havens, also suffered heavy losses, underscoring fragile liquidity conditions across asset classes.

Silver prices plunged nearly 17% in Asian trading, erasing recent gains and leading to large swings, while gold weakened amid the stress.

Sentiment around crypto has deteriorated after weeks of choppy trading and repeated failed attempts to reclaim higher ground.

Crypto price today: altcoins also tumble, XRP drops 10%

Most altcoins also fell on Thursday amid a broader sell-off.

World no.2 crypto Ethereum declined 7.4% to $2,098.92.

World no. 3 crypto XRP plunged 10% to $1.42.

Solana fell 6%, while Cardano eased 5% and Polygon lost 3.2%.

Among meme tokens, Dogecoin dropped 6%, and $TRUMP fell 3.5%.

Source: Investing