Bitcoin Slumps Below $70,000 Amidst Market Rout

Bitcoin has fallen below $70,000 after erasing gains made after Donald Trump's election. The cryptocurrency has dropped around 16.5% in the last 7-day period, with other cryptocurrencies like Ether and BNB experiencing even larger declines. The sell-off was driven by market-wide liquidations and a "sell at any price" working order, with institutional desks reporting small but manageable liquidations. Implied volatility in crypto options has jumped into the 99th percentile, and positioning suggests expectations of continued turbulence.