Bitcoin dropped below $73,000 on Wednesday as a wave of forced liquidations and cooling investor sentiment hit the digital asset market.
The price dip triggered over $723 million in liquidations across crypto markets within a 24-hour period, according to data from CoinGlass. Long positions accounted for nearly 79% of these forced closures, CryptoNews reported. While Bitcoin briefly touched levels below $73,000, market data from CoinGecko later showed the asset trading at approximately $73,971 by 08:13 UTC. This snapshot also showed a 24-hour range between $72,744 and $74,689.
Market pressure intensified following the release of October’s US Consumer Price Index (CPI), which showed a 0.4% month-over-month increase. This figure exceeded the 0.3% growth economists had anticipated, while core inflation also climbed 0.3% against a 0.2% forecast, CryptoNews noted.
According to CME FedWatch data, the probability of the Federal Reserve keeping rates unchanged at 3.75%–4% has fallen to zero. This is a reversal from 16% the previous day, 17.3% one week ago, and 15.9% one month ago.
The Bit Journal noted that while the decline sparked concern, some market participants pushed back against labeling the movement a crash by comparing the volatility to recent monthly pullbacks in the Nasdaq.
Political anxiety has risen alongside the price decline, with the crypto community monitoring the impact of recent US election results. Concerns have emerged regarding a potential "Gensler 2.0" regulatory environment, centering on whether a more stringent approach to digital asset companies and decentralized autonomous organizations could return, CryptoNews reported.
“We can't allow Gary Gensler 2.0 to come in and tear it all up,” Watcher.Guru said.
Simultaneously, a banking dispute involving the Federal Reserve has been reported. Old Glory Bank is reportedly pursuing an alternative launch strategy that avoids requiring the same Federal Reserve approval, potentially targeting the first quarter of 2027, according to comments summarized by CryptoNews.
The following table summarizes the market conditions reported on November 11, 2026:
| Metric | Value |
|---|---|
| Total 24-hour liquidations | $732 million |
| Bitcoin 50-week moving average | ~$76,100 |
| Fed 25-basis-point rate hike probability | 86.3% |
What is the current status of the Crypto Fear & Greed Index?
The index was recorded at 29, placing it in the "Fear" category as of November 11, 2026, The Bit Journal reported.
How do the liquidation figures reported by different sources compare?
While some reports cited more than $723 million in liquidations, CoinGlass recorded $732 million in forced closures over the 24-hour period on November 11. Of that total, long positions accounted for $578 million.
Other digital assets also showed weakness on November 11, 2026. The Panic Score, which measures market-moving news by analyzing engagement like reading and sharing, can indicate how much attention a story receives; the higher the score, the more people are talking about it.
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