Bitcoin Tumbles Below $76,000, Ethereum Dips to $2,200 as Liquidations Top $1 Billion
Cryptocurrency markets experienced a sharp downturn overnight, with Bitcoin falling below the $76,000 mark and Ethereum dipping to approximately $2,200. Over the past 24 hours, an estimated 198,931 traders were liquidated, with total liquidations reaching around $1.033 billion. The largest single liquidation recorded was on Binance for ETHUSDT, valued at approximately $10.9364 million.
Market Plunge and Liquidations
Bitcoin (BTC) and Ethereum (ETH) breached key price levels in the early hours of November 6th, Taipei time. Bitcoin’s intraday low dropped below $76,000, while Ethereum fell to around $2,200. During this 24-hour period, data from CoinGlass indicated that approximately 198,931 traders across the network faced forced liquidations, totaling about $1.033 billion. The largest single liquidation occurred on Binance for ETHUSDT, amounting to roughly $10.9364 million.
As of the latest Binance quotes, Bitcoin was trading around $76,300 and Ethereum at approximately $2,260. While prices have seen a slight rebound from their lowest points, the primary narrative remains the breach of significant price thresholds and the continuous liquidation of leveraged long positions, rather than a sustained upward trend.
A snapshot of CoinGlass’s liquidation dashboard revealed that over the past hour, liquidations across the network amounted to approximately $371 million, with long positions accounting for about $337 million and short positions for $33.336 million. Long positions constituted over 90% of the liquidations, corresponding to the sharp sell-off experienced overnight, Taipei time.
Looking at longer timeframes, liquidations over the last 4 hours reached approximately $880 million ($819 million long / $61.0156 million short), over 12 hours were around $908 million ($840 million long / $68.3951 million short), and over 24 hours totaled $1.033 billion ($923 million long / $110 million short). The consistent pattern indicates that leveraged long positions were the primary target in this wave of liquidations.
Earlier on the same evening, Bitcoin had already fallen below the $80,000 and $78,000 levels, while Ethereum retreated from the $2,400 and $2,300 marks. As November 6th dawned, selling pressure intensified, pushing Bitcoin to a low of approximately $75,568 and Ethereum to a low of about $2,237, nearing the psychologically significant $2,200 level.
For futures traders, liquidations are not a voluntary exit but a forced closure by exchanges when margin requirements are breached. When prices move rapidly in an unfavorable direction, leveraged positions near the same price level can be wiped out like dominoes, creating a liquidation cascade. The exit of nearly 200,000 individuals within 24 hours signifies a significant and volatile shift in short-term market participants, driven by highly leveraged positions.
When 24-hour liquidations consistently exceed $1 billion, leverage itself acts as a volatility amplifier. Spot holders face increased slippage on entries and exits, while traders still holding high-leverage contracts are subjected to the cascading selling pressure triggered by the automatic liquidation engine.
The immediate market focus is on whether Bitcoin can quickly reclaim the $76,000 and subsequently the $78,000 levels, and if Ethereum can re-establish a foothold above $2,200 to $2,300. If these key price levels remain unconquered, short-term volatility and liquidation pressure are likely to persist.
