Photo Credit: crypto.news
Bitcoin slipped below $76,000 on November 5 as a sharp cryptocurrency market downturn triggered more than $1.08 billion in leveraged position liquidations, with bullish traders bearing the heaviest losses.
The latest selloff erased approximately $954.38 million in long positions, reflecting mounting pressure across major digital assets as investors reduced their exposure to the volatile cryptocurrency market.
According to data from CoinGecko, Bitcoin declined 5.8% over 24 hours to trade at $75,954. Ethereum recorded a steeper fall of 7.5% to $2,251, while Solana dropped 7.9% to $89.16.
The broader cryptocurrency market lost 4.6% of its value, bringing total market capitalisation down to approximately $2.66 trillion.
Bitcoin’s decline followed a short-lived recovery above $80,000, reversing gains made after the cryptocurrency rebounded from lows recorded during the US election week.
Other major digital currencies also came under selling pressure. XRP declined 6.1% to $1.23, while BNB fell 3.9% to $691.42. TRON recorded a smaller decrease of 1.1%, trading at $0.3167.
Privacy-focused cryptocurrency Zcash dropped 5.3% to $1,242.29.
Despite the widespread losses, Figure Heloc gained 1.6%, making it one of the few leading digital assets to move higher during the downturn. Meanwhile, stablecoins Tether (USDT) and USD Coin (USDC) maintained values close to their US dollar pegs.
Crypto Liquidations Exceed $1bn as Long Positions Suffer Heavy Losses
Data from CoinGlass showed that 210,326 cryptocurrency traders faced liquidations during the 24-hour period, with total losses reaching approximately $1.08 billion.
Leveraged long positions accounted for $954.38 million, representing 88.2% of all liquidations. Short positions contributed a comparatively smaller $127.30 million.
The figures indicate that traders betting on rising cryptocurrency prices were particularly exposed to the sudden market decline.
Selling pressure intensified during the final four hours of the reporting period, when approximately $896.18 million in leveraged positions were liquidated.
Of that amount, $817.35 million came from long positions, while short liquidations totalled $78.83 million. Across the preceding 12 hours, total liquidations reached $982.43 million.
Bitcoin accounted for the largest share of losses among individual cryptocurrencies, recording $280.65 million in liquidations. Approximately 89.4% of these positions were longs.
Ethereum followed with $174.86 million in liquidations, including 82% from bullish positions. Solana recorded $37.62 million in liquidated trades.
The largest single liquidation involved a $10.94 million ETHUSDT long position on Binance, highlighting the risks associated with highly leveraged cryptocurrency trading.
Binance represented 46.7% of total reported liquidations across exchanges, making it the largest contributor to the market-wide figures.
Technology Stocks and Crypto Companies Face Broader Market Pressure
The cryptocurrency downturn coincided with weakness in technology shares and crypto-related companies, reflecting a wider retreat from risk-sensitive assets.
The simultaneous decline highlighted the exposure of digital currencies to changes in investor sentiment, particularly during periods of heightened market volatility.
With Bitcoin trading below the $76,000 threshold and leveraged positions facing forced closures, traders remained focused on whether selling pressure would continue or whether the market could regain stability following the sharp correction.
