Crypto Liquidations Top $1 Billion as Bitcoin Tests 11-Week Low

Bitcoin fell to an intraday low of $74,780.91, its lowest level in 11 weeks, as crypto markets retreated alongside a sharp sell-off in US technology shares. More than $1 billion in crypto positions were forcibly closed in 24 hours, mostly bullish bets, adding pressure to the decline.

CoinGlass recorded $1.05 billion in liquidations: $930.04 million were long positions and $124.69 million short positions. Bitcoin accounted for $267.20 million and Ethereum $167.14 million. The Nasdaq fell 5.52% on Thursday, while a stronger-than-expected jobs report raised expectations of a December rate rise; the article says these factors coincided with Bitcoin’s fall but do not establish that the stock sell-off caused it. Bitcoin was trading near $75,570, below its 50-day and 200-day moving averages, with $74,780 identified as immediate support.