More than $500 million in leveraged long positions were liquidated within a single hour on Nov 5 as the price of the leading digital asset continued to decline. The selloff reduced the total crypto market valuation by $140 billion over four hours and drove Bitcoin below the $76,000 mark.
The slump erased gains from a recent rally that had pushed Bitcoin above $81,000, while Ethereum fell to $2,280 from a high of $2,440. The probability of Bitcoin falling below $70,000 by the end of the month rose to 45% on prediction market Kalshi, up from a 30% estimate quoted earlier on Wednesday.