Bitcoin slides to $64,962, lowest since July, as $2bn in positions liquidated
Bitcoin slipped to $64,962.10 on Sunday, its lowest level since July, as a wave of leveraged long positions was liquidated and risk capital drifted toward artificial intelligence stocks. The token was down 3.13% over 24 hours, with trading volume up 30.73% to $50.58 billion and market capitalisation down 3.16% to $1.3 trillion, according to CoinMarketCap data.
The damage was broad. Exchanges tracked by Coinglass recorded about $2 billion of crypto liquidations in the 24 hours through 9 a.m. Sunday in Singapore, including $774 million in Bitcoin and $488 million in Ether, with long positions accounting for the vast majority. Rich Rosenblum, co-founder of crypto market maker GSR, told Bloomberg the move may be technical, as Bitcoin "broke down through its 200-day moving average of about $73,000, which has caused a slew of liquidations and new shorts to develop".
Total crypto market capitalisation stood at $2.19 trillion, down 2.91% on 15 November and its lowest since January 2026, when it fell to $2.04 trillion. Bitcoin's dominance slipped 0.42% to 59.4% of the market, while Ethereum was down 0.7% at 10.1%. Crypto ETFs saw net outflows of more than $187 million through Friday, 13 November, and the crypto fear and greed index sat at 12 in the "extreme fear" category, close to February 2026's level of 5.
Richard Galvin, executive chairman at crypto investment firm DACM, pointed to the impending initial public offering of artificial intelligence company Anthropic PBC as a possible drain on crypto capital. "Price performance looks very similar to what happened through the SpaceX IPO pricing period earlier this year. It appears crypto remains a short-term funding source, particularly for retail investors. This is in addition to all the other macro headwinds."
Investors are also weighing expectations that the United States Federal Reserve will raise interest rates, alongside fallout from a $6 billion Binance hack. Large liquidation events, in which more than $500 million of Bitcoin positions are wiped out in 24 hours, are becoming a recurring feature of the market as sharp swings flush out leveraged traders.
What it means for Pakistan: Pakistani crypto holders trade on offshore exchanges and bear the full force of these liquidations in dollars, with no local venue to fall back on. The weekend's slide is a reminder that leverage carries the same risk for Pakistani retail investors as anywhere else, while the country's virtual asset framework is still being built out by PVARA. Any shift in Fed rates also feeds through to the rupee and to remittance-linked household budgets.
