Bitcoin falls below $70,000, BTC wicks down to $67,568, its lowest in nearly three months
Bitcoin fell below $70,000 this morning, hitting its lowest level since August. Liquidations across the crypto market totaled $1.62 billion in 24 hours. The factors weighing on prices even before Jensen Huang’s resignation were consecutive net outflows from spot ETFs, expectations of a December rate hike, and a strengthening U.S. dollar.
Bitcoin fell below $70,000 at around 10:45 a.m. today (November 13). Binance prices show that after 1:45 p.m., it hit an intraday low of $67,568, its lowest since August 19. It was trading at $68,900 as of 2:33 p.m., down 6.37% over 24 hours.
$1.62 billion in liquidations across the market, 96% of Bitcoin liquidations were long positions
According to CoinGlass data, liquidations across the market totaled $1.62 billion over the past 24 hours, affecting 183,264 traders. Bitcoin long positions accounted for $870 million in liquidations, while short positions accounted for just $31 million. Nearly all the liquidated leveraged positions had been betting on prices to rise.
Does Jensen Huang’s resignation have anything to do with Bitcoin?
Many people joked, “What does Jensen Huang’s resignation have to do with Bitcoin?” In fact, the pressure had been building for some time.
According to Farside Investors, spot Bitcoin ETFs recorded net outflows for five consecutive trading days starting November 5, totaling about $1.44 billion.
The U.S. Bureau of Labor Statistics also released October CPI data on November 10: the CPI rose 0.4% month over month, while core CPI rose 0.3%. As of publication, Polymarket put the probability of the Federal Reserve raising rates by 25 basis points at its December meeting at 88.5%, the probability of a hike of 50 basis points or more at 9.15%, and the probability of no change at just 2.1%.
The U.S. Dollar Index closed at 103.17 on November 12, its highest level since April 2025. Outflows, rising rate expectations, and a stronger dollar have all put pressure on Bitcoin.
Bitcoin fell below $70,000 this morning, hitting its lowest level since August. Liquidations across the crypto market totaled $1.62 billion in 24 hours. The factors weighing on prices even before Jensen Huang’s resignation were consecutive net outflows from spot ETFs, expectations of a December rate hike, and a strengthening U.S. dollar.
Bitcoin fell below $70,000 at around 10:45 a.m. today (November 13). Binance prices show that after 1:45 p.m., it hit an intraday low of $67,568, its lowest since August 19. It was trading at $68,900 as of 2:33 p.m., down 6.37% over 24 hours.
$1.62 billion in liquidations across the market, 96% of Bitcoin liquidations were long positions
According to CoinGlass data, liquidations across the market totaled $1.62 billion over the past 24 hours, affecting 183,264 traders. Bitcoin long positions accounted for $870 million in liquidations, while short positions accounted for just $31 million. Nearly all the liquidated leveraged positions had been betting on prices to rise.
Does Jensen Huang’s resignation have anything to do with Bitcoin?
Many people joked, “What does Jensen Huang’s resignation have to do with Bitcoin?” In fact, the pressure had been building for some time.
According to Farside Investors, spot Bitcoin ETFs recorded net outflows for five consecutive trading days starting November 5, totaling about $1.44 billion.
The U.S. Bureau of Labor Statistics also released October CPI data on November 10: the CPI rose 0.4% month over month, while core CPI rose 0.3%. As of publication, Polymarket put the probability of the Federal Reserve raising rates by 25 basis points at its December meeting at 88.5%, the probability of a hike of 50 basis points or more at 9.15%, and the probability of no change at just 2.1%.
The U.S. Dollar Index closed at 103.17 on November 12, its highest level since April 2025. Outflows, rising rate expectations, and a stronger dollar have all put pressure on Bitcoin.