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Bitcoin dips below $70,000 as selloff gathers pace

By CoinDesk

Bitcoin (BTC) fell below $70,000 early Friday, hitting its lowest level since Aug. 19. The decline triggered broader weakness across the crypto market and large liquidations of leveraged futures bets.

The broader market is a sea of red. Ether, the second-largest token, has dropped below $2,000 for the first time since August. XRP is trading close to the $1 level, while Solana’s SOL is trading below $80. Several smaller tokens, such as GT, Stacks, and XMR, are down 7% or more.

The selloff gathered pace as media reports pointed to renewed military escalation in the Middle East. Iran’s IRGC said it destroyed a U.S. early-warning radar in Bahrain in response to an air attack on a telecoms tower in Sirik.

The IRGC, in remarks carried by the semi-official Tasnim news agency, described the strike as a “serious warning” to the “aggressor enemy,” demanding an end to what it called repeated aerial provocations and oil smuggling in the Strait of Hormuz.

So far, the news has not led to a rise in oil prices. WTI continues to trade around $88, down slightly from Thursday’s high of $89.15.

Liquidations

Crypto futures bets worth more than $1.3 billion have been liquidated by exchanges over the past 24 hours, according to data source Coinglass. Of these, Bitcoin alone accounts for $677 million.

This is a developing story.

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