Bitcoin Lost $70 Thousand: $622 Million Liquidation in Crypto in 4 Hours

Bitcoin fell below $70,000 to $68,943, triggering $622 million in leveraged position liquidations across the crypto market within four hours, according to Binance data cited by Wu Blockchain. The drop erased the psychological $70,000 threshold and forced a broad deleveraging across derivatives markets. The scale of the liquidation underscores how crowded leverage had become near recent highs and how quickly forced selling can cascade. Traders will watch whether Bitcoin can reclaim $70,000 or whether further downside tests support levels, with funding rates and open interest likely to signal the next move.