Bitcoin Slides Toward $70,000 as Thin Liquidity and Tech Stock Rout Hit Risk Assets

Bitcoin slumped nearly 8% on Thursday, falling toward the $70,000 level as thinning liquidity and a sharp sell-off in global technology stocks renewed pressure on risk assets.

The world’s largest cryptocurrency was last down 7.6% at $70,427.1 by 00:28 ET, hovering near its lowest levels since early November 2024 after briefly touching $70,129.6 earlier in the session. Bitcoin has now fallen in seven of the past eight trading sessions, shedding more than 40% from its October peak near $126,000.

The latest drop was amplified by notably thin market liquidity, which intensified price swings and triggered a wave of forced liquidations once bitcoin broke below key technical levels. Roughly $770 million in crypto positions were liquidated over the past 24 hours, according to industry data, as stop-loss orders and margin calls cascaded through derivatives markets.

Weakness in cryptocurrencies followed a sharp overnight sell-off in global technology stocks, driven by concerns over the pace of artificial intelligence adoption and rising capital expenditure by major firms. Losses in U.S. tech shares spilled into Asian markets and dragged down digital assets, which have increasingly moved in tandem with high-growth equities during periods of stress.

Broader macro pressures added to the downside, with a firmer U.S. dollar and slightly higher global bond yields reducing appetite for speculative assets. Even traditional safe havens struggled, with precious metals posting steep losses amid strained liquidity conditions.

Altcoins also came under heavy pressure. Ethereum dropped 7.4% to $2,098.92, XRP plunged 10% to $1.42, Solana fell 6%, while Cardano and Polygon lost 5% and 3.2% respectively. Among meme tokens, Dogecoin declined 6% and $TRUMP slid 3.5%.