Bitcoin hovered just above its 15-month lows on Wednesday, after a sharp sell-off dragged the world’s largest cryptocurrency toward the $73,000 level amid heavy liquidations and a broader shift away from risk assets.
Bitcoin was last trading 2.8% lower at $76,509.1 by 01:56 ET (06:56 GMT), after earlier sliding to $73,004.3 — its weakest level since November 2024. The latest move extended a steep downturn, with Bitcoin falling nearly 12% last week following a 10% drop the week before.
The decline pushed prices to their lowest levels since Donald Trump’s U.S. election victory, wiping out gains that had been driven by optimism over potential regulatory easing for the cryptocurrency sector.
Bitcoin hits 15-month low amid heavy liquidations
The sell-off was fueled by widespread liquidations of leveraged long positions. Data from CoinGlass showed that almost $740 million worth of bullish bets were erased over the past 24 hours, as falling prices triggered margin calls and forced traders to close positions.
Bitcoin’s weakness marks a sharp reversal from the rally seen late last year, when prices surged after Trump’s election win. At the time, investors piled into digital assets on expectations that a new U.S. administration could adopt a more crypto-friendly regulatory approach. Support also came from Federal Reserve interest rate cuts beginning in December 2024, which boosted demand for higher-risk assets.
Risk sentiment has since deteriorated. Gold and other traditional safe-haven assets rebounded on Wednesday amid rising geopolitical tensions between the United States and Iran. Crypto markets are also facing fresh uncertainty after Trump nominated former Federal Reserve governor Kevin Warsh as the next Fed chair. Warsh is widely seen as hawkish, raising concerns about tighter liquidity conditions.
Altcoins slide as losses deepen across crypto markets
Most major altcoins posted sharper declines than Bitcoin. Ethereum, the world’s second-largest cryptocurrency, fell 2.3% to $2,268.92, while XRP eased 1.1% to $1.59.
Solana tumbled 6%, while Cardano also slid, and Polygon dropped 3.5%. Among meme tokens, Dogecoin edged 0.2% lower.
