Bitcoin Drops Below $74K as Crypto Market Sheds $80B

TL;DR

• Bitcoin fell below $74,000 on Monday and reached a multi-month low near $73,500 before rebounding, while the crypto market lost more than $80 billion in one day.

• Ethereum and XRP also declined sharply, with the earlier snapshot placing ETH near $2,100 and XRP below $1.10 as losses spread across major altcoins.

• CoinMarketCap later showed 24-hour liquidations around $1.18 billion, dominated by long positions, as market capitalization hovered near $2.48 trillion.

Bitcoin fell below $74,000 on Monday, reaching a fresh multi-month low near $73,500 before rebounding as selling pressure spread across digital assets. The market snapshot placed total crypto capitalization around $2.47 trillion after more than $80 billion disappeared in a day. At drafting time, CoinMarketCap showed Bitcoin near $74,465.54 and the broader market around $2.48 trillion. The key distinction is that the $73,500 low and $2.47 trillion market value describe the earlier selloff snapshot, while live prices have already shifted. The latest move adds another volatile session for Bitcoin after a turbulent start to November.

Bitcoin Extends November Decline as Altcoins Follow

October had already ended negatively for Bitcoin, with the asset losing more than 7% during the month. Volatility intensified around the U.S. midterm elections before another wave of selling hit alongside Wall Street and other major financial markets on Thursday. BTC then traded sideways during the weekend before sellers regained control Monday morning. The renewed decline pushed Bitcoin to its lowest level since the mid-August breakout, extending the crypto-market selloff without establishing that one single catalyst caused the move. The sequence underscores how rapidly Bitcoin market volatility has changed direction across several sessions.

Altcoins weakened alongside BTC. Ethereum fell almost 6% in the earlier snapshot toward $2,100, while XRP posted a similar decline and moved below $1.10. Hyperliquid and NEAR also dropped more than 5%, while several other large-cap assets remained in negative territory. At drafting time, CoinMarketCap showed Ethereum around $2,123.25 and XRP near $1.08. The updated readings remain close to the earlier market snapshot but should not be treated as the same measurement, because prices continued moving after the initial decline. The selloff therefore remained broad rather than being confined to Bitcoin.

Derivatives reflected the same pressure. The earlier market snapshot showed total crypto liquidations reaching roughly $1 billion as Bitcoin hit its Monday low. CoinMarketCap later displayed about $1.18 billion in 24-hour liquidations, including approximately $1.06 billion in long positions and $116.06 million in shorts. Long liquidations accounted for the overwhelming majority of the updated total, showing that leveraged bullish positions absorbed most forced closures during the downturn. The combination of lower spot prices, falling market capitalization and leveraged crypto liquidations left the market under pressure as traders assessed whether Bitcoin could stabilize above its latest multi-month low during Monday’s trading session.