Bitcoin fell below $70,000 for the first time in months on Friday, dropping from a 24-hour high of $73,866 to a low of $68,943, and then further declined to around $68,770 according to CoinGecko.

This means that BTC has fallen by 6.6% in the past 24 hours and by 9.5% in the past week.

This round of decline triggered a chain of forced liquidations. CoinGlass data shows that in the past four hours, a total of $622 million in positions were liquidated across all exchanges, of which $549 million came from traders who bet on price increases, and $72.46 million came from short sellers.

Ethereum fell by 6% to $1,925.57, with the weekly decline expanding to 13.7%; BNB fell by 6.9% to $631.89. Tether, however, maintained its peg to the US dollar.

This sell-off occurred under multiple pressures, including the market's digestion of NVIDIA's Jensen Huang resignation, the increased likelihood of a Fed interest rate hike in December, and the new tensions brought about by President Trump's exclusion of reaching an agreement with Iran.

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