*Disclaimer: We may earn a commission if you make a purchase through our affiliate links, at no extra cost to you.
Bitcoin crashed below $72,000 on Thursday, 12 November 2026, and the search term “Bitcoin to Zero” surged past 1.5 million searches in the United States as frightened investors asked whether the world’s largest cryptocurrency could really collapse to nothing. The sell-off gathered pace through the day, wiping out leveraged traders and dragging the wider crypto market down with it.
By late trading on Thursday, Bitcoin was changing hands near $71,700, down almost 4% on the day. The drop capped a bruising week for digital assets, with exchange-traded fund outflows, a shock resignation at Nvidia and an index shake-up for the biggest corporate Bitcoin holder all hitting sentiment at once.
Bitcoin at a Glance — Thursday 12 November 2026
| Measure | Figure |
|---|---|
| Bitcoin price (late Thursday) | About $71,738 (17:18 UTC, Binance) |
| Day’s low | $71,255 |
| Day’s open | $74,683 |
| Daily change | -3.94% |
| 24-hour crypto liquidations | More than $656 million ($555 million in long positions) |
| US spot Bitcoin ETF outflows, 11 Nov | $299.8 million — fifth straight day of withdrawals |
| Bitcoin market capitalisation | $1.48 trillion |
| Total crypto market capitalisation | About $2.5 trillion, down around 2% |
| One-month change | -12.37% |
| Change so far in 2026 | -17.96% |
| 2026 low | Below $58,000 in July |
How Bitcoin Broke Below $72,000 on Thursday
Bitcoin broke below $72,000 during Thursday morning trading in the United States, slipping to about $71,888 on Bitstamp after trading above $76,000 earlier in the week. By the afternoon it was near $71,428 on Coinbase, with the rolling 24-hour low around $71,151.
The breakdown followed days of steady pressure. Bitcoin closed at $74,015 on Wednesday 11 November, $73,796 on Tuesday and $75,368 on Monday, and each session brought lower highs and lower lows. Analysts had flagged $72,000 as a critical threshold, warning that losing it could expose the psychologically important $70,000 level.
The Nvidia Shock That Shook Risk Appetite
The sharpest trigger came from the technology sector. Nvidia shares slumped as much as 10% in late trading on Wednesday after Jensen Huang’s resignation as Nvidia chief executive, and the chipmaker’s slide dragged technology stocks and risk assets down with it. Bitcoin, which has traded closely with tech stocks this year, fell in step as Nasdaq futures dropped.
Bloomberg reported that renewed unease over technology stocks weighed on risk appetite, with persistent withdrawals from US spot exchange-traded funds adding to the pressure. The 10-year US Treasury yield sat near 5.07% after a hotter-than-expected October inflation reading, which lifted expectations of further interest-rate rises.
MSCI’s Strategy Decision Adds to the Pressure
A second blow landed after Wednesday’s close, when index provider MSCI confirmed it will remove Strategy, the largest corporate holder of Bitcoin, from its global indexes after the market close on 30 November. Strategy shares came under heavy pressure on Thursday, and the decision rattled crypto-linked equities across the board.
Crypto stocks led the losses among large-cap equities, while miners also fell sharply. Ethereum struggled to hold $2,000 and Solana approached $80 as the sell-off spread beyond Bitcoin to the wider market.
ETF Outflows and the $656 Million Liquidation Wave
Institutional money kept heading for the exit. US spot Bitcoin ETFs recorded $299.8 million in net outflows on Wednesday 11 November, their fifth consecutive trading session of withdrawals. BlackRock’s iShares Bitcoin Trust accounted for $269.7 million of the total, while Grayscale’s GBTC recorded $39.1 million in outflows.
Derivatives traders bore the brunt of the move. Coinglass data showed more than $656 million in crypto derivatives positions liquidated over 24 hours, including over $555 million in long bets. Bitcoin futures alone saw about $304.5 million in liquidations, with leveraged longs accounting for nearly 87% of the total. Retail sentiment around Bitcoin fell into “extremely bearish” territory, according to Stocktwits data from Thursday morning.
Why “Bitcoin to Zero” Searches Are Surging — and What the Numbers Say
Google Trends data showed “Bitcoin to Zero” spiking 450% in 24 hours, with the heaviest interest in the United States, the United Kingdom and Canada. The phrase captures the fear gripping the market, but the numbers behind Bitcoin tell a more measured story than the search term suggests.
Bitcoin still carries a market capitalisation of about $1.48 trillion, and its supply is capped at 21 million coins, with just over 20.1 million already in circulation. Institutional exposure through spot ETFs, however strained by outflows, remains substantial. Bitcoin has also suffered drawdowns of more than 70% from previous peaks in earlier cycles and recovered to new highs, a history that separates a deep correction from a collapse to zero.
Even as crypto slid, deal-making elsewhere in American business continued, with Josh Kushner and Bob Iger agreeing a record $12.5 billion purchase of the Lakers. The contrast underlines that Thursday’s rout was concentrated in risk assets rather than a broad business freeze.
What Traders Are Watching Next
All eyes are now on the $70,000 level. Analysts point to support between $70,000 and $71,500, along with Bitcoin’s 200-day moving average, as the next test if selling continues. Thursday’s ETF flow figures and the open on Wall Street will show whether institutional selling is easing or accelerating.
The October consumer price report, released on 10 November, showed prices rising 0.4% over the month, and the inflation picture will shape expectations for interest rates in the weeks ahead. For now, the market’s message is clear: fear is running high, leveraged bets are being cleared out, and the “Bitcoin to Zero” question is being asked louder than at any point this year. This article reports market events and is not financial advice.
Bitcoin to Zero? Your Questions Answered
Is Bitcoin going to zero?
Nothing in Thursday’s trading points to Bitcoin collapsing to zero. The cryptocurrency still has a market capitalisation of about $1.48 trillion, a fixed supply cap of 21 million coins and substantial institutional holdings through spot ETFs. The “Bitcoin to Zero” searches reflect fear during a sharp correction, not a verified forecast.
Why did Bitcoin crash today?
Several pressures hit at once: Nvidia’s leadership turmoil dragged technology stocks lower, MSCI announced it will remove Strategy from its global indexes, US spot Bitcoin ETFs recorded a fifth straight day of outflows, and hotter-than-expected US inflation lifted rate-rise expectations.
How much money was liquidated in the crypto crash?
More than $656 million in crypto derivatives positions were liquidated over 24 hours, according to Coinglass data, including over $555 million in long positions. Bitcoin futures accounted for about $304.5 million of that total.
What is the next key level for Bitcoin?
Analysts are watching the psychologically important $70,000 level, with a support zone between $70,000 and $71,500 and the 200-day moving average identified as the next test. Whether Bitcoin holds $70,000 is an analyst view, not a verified fact.
How far has Bitcoin fallen this month?
Bitcoin is down about 14% over the past month and 17.96% so far in 2026, according to Finnhub data. Its 2026 low sits below $58,000, reached in July, and it has traded below $72,000 for the first time since August.
