Bitcoin price drops toward $74K as crypto liquidations top $1 billion

Bitcoin has fallen below $75,000 as continued withdrawals from U.S. spot exchange-traded funds, heavy leveraged liquidations and renewed geopolitical concerns put pressure on cryptocurrency prices ahead of Tuesday’s U.S. inflation report. Summary Bitcoin price fell below $75,000 as institutional ETF withdrawals and leveraged liquidations pressured cryptocurrency market prices. U.S. spot Bitcoin ETFs recorded $1.28 billion in net withdrawals during November’s first trading week. BlackRock’s IBIT accounted for approximately $1.21 billion in withdrawals across five trading sessions last week. Cryptocurrency liquidations exceeded $1 billion during Sunday’s volatility, with leveraged long positions suffering most heavily. Traders await Tuesday’s U.S. inflation report as Bitcoin tests support near its recent trading lows. According to crypto.news price data, Bitcoin traded near $74,500 on November 9, down roughly 2% over 24 hours after recovering from Sunday’s drop toward $73,700. The cryptocurrency has struggled to maintain its recent rebounds, with sellers returning whenever prices approach nearby resistance levels. The latest decline followed a difficult week for institutional Bitcoin...