<p>The cryptocurrency market is on the move again, and the direction is rather familiar and painful. Bitcoin just tanked to $72,000, marking a multi-month low, and the altcoins have followed suit after Trump’s latest comments on the war against Iran.</p>
<p>Expectedly, the total value of wrecked positions has jumped again, with $220 million worth of longs getting wrecked in just an hour.</p>
<h2 id="crypto-market-drops-again">Crypto Market Drops Again</h2>
<p>Recall that it was just eight days ago when the primary cryptocurrency stood at $81,000 before it was rejected 24 hours later and slumped by several grand to $75,600. On Friday, it dipped further to under $75,000. Nevertheless, it managed to stand close to $76,000 over the weekend before the bears regained control of the market at the start of the current business week.</p>
<p>The culmination until today <a href="https://cryptopotato.com/bitcoin-price-tanks-again-as-september-us-cpi-data-tops-expectations/" rel="noopener noreferrer nofollow">involved a slip</a> below $73,000 on Tuesday after the higher-than-expected CPI reading. Bitcoin tried to recover some ground yesterday when it neared $75,000, but another rejection <a href="https://cryptopotato.com/pepe-tanks-double-digits-as-bitcoin-gets-rejected-at-75k-market-watch/" rel="noopener noreferrer nofollow">followed</a> that drove it south to $73,500 earlier today. It dived once again minutes ago to $72,150 on most exchanges, after US President Donald Trump <a href="https://x.com/DeItaone/status/2120866526324764892" rel="noopener noreferrer nofollow">said</a> his country doesn’t need a deal with Iran. Brent and WTI futures rose by over 1%, unlike the crypto markets.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2026/11/BTCUSD-November-12-1.png" rel="noopener noreferrer nofollow"><img src="https://cryptopotato.com/wp-content/uploads/2026/11/BTCUSD-November-12-1.png" alt="BTCUSD November 12. Source: TradingView" width="1835" height="917"></a>
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  BTCUSD November 12. Source: TradingView
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</figure>
<p>Many altcoins have taken even more severe beatings. ETH slid below $2,000 for the first time since August 19, while XRP came just inches away from dipping beneath $1.00. NEAR has dumped the most among the larger-cap alts, plunging by almost 10% to under $3.40. XMR, HYPE, ZEC, DOGE, and SOL are also well in the red.</p>
<h2 id="liquidations-rise">Liquidations Rise</h2>
<p>The liquidations on a daily scale are up to $530 million, but $222 million out of that total came in the past hour alone. As typically happens under similar market conditions, longs are responsible for the lion’s share, with $217 million. BTC leads the adverse trend with $92.61 million in wrecked positions, while ETH follows suit with almost $59 million. That’s all in the past hour.</p>
<p>The number of wiped-out traders is close to 110,000, while the single-largest liquidated position took place on Hyperliquid and was worth over $31 million. It involved the BTC/USDT pair.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2026/11/Screenshot-2026-11-12-153445.png" rel="noopener noreferrer nofollow"><img src="https://cryptopotato.com/wp-content/uploads/2026/11/Screenshot-2026-11-12-153445.png" alt="Liquidation Data on CoinGlass" width="1227" height="615"></a>
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  Liquidation Data on CoinGlass
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<p>&nbsp;</p>
<p>The post <a href="https://cryptopotato.com/220m-in-longs-liquidated-in-1-hour-as-eth-dips-below-2k-and-btc-slides-to-72k/" rel="noopener noreferrer nofollow">$220M in Longs Liquidated in 1 Hour as ETH Dips Below $2K and BTC Slides to $72K</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

$220M in Longs Liquidated in 1 Hour as ETH Dips Below $2K and BTC Slides to $72K

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