Bitcoin has crashed below US$70,000 as another sharp risk-off move triggered hundreds of millions of dollars in forced liquidations and pushed the broader cryptocurrency market deeper into fear territory.

Bitcoin fell as low as US$68,943 on Friday before recovering towards US$69,000-US$70,000, leaving it around 6% lower over 24 hours.

Ethereum was trading around US$1,990, while Solana fell to about US$80. BNB was around US$635 and XRP hovered close to US$1.01.

Total cryptocurrency market capitalisation has fallen to roughly US$2.4 trillion, with market sentiment sitting in “extreme fear” territory.

Liquidations accelerate the fall

The break below US$70,000 triggered a rapid unwinding of leveraged bullish positions.

Around…