Bitcoin fell below $67,000 after losing the $70,000 mark, tumbling to its lowest level in about three months. An unexpected US inflation reading combined with an Nvidia-driven shock to tech stocks spread risk-off sentiment across the cryptocurrency market, and large sums of money also drained out of spot exchange-traded funds (ETFs).
As of 10:27 a.m. on the 14th, Bitcoin was fluctuating around $68,300 (about 91 million won) according to CoinMarketCap, a cryptocurrency market data provider. Ethereum also traded at $1,930 (about 2.6 million won), with both coins down around 4% over 24 hours. Bitcoin has fallen more than 18% this month alone.
The intraday low was even deeper. On Binance's Tether (USDT) market, Bitcoin retreated to $66,915, its lowest price since August 19. After falling below the previous day's low of $67,568, it pared some of the losses to the $67,300 range.
The immediate trigger for the plunge was leveraged liquidation. According to CoinGlass, about $1.3 billion (about 1.7 trillion won) worth of bullish bets (long positions) were forcibly liquidated over the past 24 hours. Sean McNulty, a derivatives trader at market maker AQC Tech, said, "When Bitcoin fell below $70,000, more than $1 billion (about 1.3 trillion won) in leveraged long positions were forcibly liquidated, which triggered additional selling."
The macroeconomic backdrop is also unfavorable. The US October consumer price index (CPI) released this week rose 0.4% from the previous month, and core CPI, excluding food and energy, climbed 0.3%, exceeding market expectations for a third straight month. Rising international oil prices and sticky inflation are strengthening expectations for further tightening by the Federal Reserve (Fed). In addition, expectations that Democrats, after the US midterm elections, will control both the Senate and the House starting next year and tighten regulatory oversight of the crypto industry also weighed on sentiment.
The tech-stock shock was decisive as well. A gauge of large semiconductor stocks fell 3.4%, and Nvidia plunged 13% this week after CEO Jensen Huang announced his resignation, marking its biggest weekly drop since April 2025. As confusion over Nvidia's leadership spread, anxiety about AI-related investment grew, and selling pressure spilled over to Bitcoin, which is highly correlated with the Nasdaq.
Matthew Sigel, head of digital asset research at VanEck, noted, "Leveraged positions are being liquidated in the current market, and there is no buyer of last resort for Bitcoin." He said, "Somewhat hawkish monetary policy comments and concerns about Nvidia-related debt deflation are pressuring the market," adding, "With the correlation between Bitcoin and the Nasdaq near its highest level in years, these negative factors are weighing on prices." He added, "Bitcoin's support line at $73,000 (about 97 million won), where its 200-day moving average sits, has already broken down."
Institutional outflows are also pronounced. More than $2.5 billion (about 3.3 trillion won) has flowed out of US-listed Bitcoin spot ETFs since October 30. Michael O'Rourke, chief market strategist at JonesTrading, said, "With quality mega-cap tech stocks like Nvidia and Google under correction and Treasury yields rising, there is no reason to hold an asset that rises on speculative expectations and generates no separate return."
Some, however, push back against excessive pessimism. Eric Balchunas, a Bloomberg ETF analyst, noted that the scale of outflows from institutional investors is relatively small and assessed that investors are holding their existing positions despite the price plunge. He said it is a positive signal that cumulative net outflows from Bitcoin spot ETFs have amounted to only $1.4 billion (about 1.9 trillion won) year to date. "It has been a fairly difficult year, but investors are holding on and staying with their existing positions," he said. He also noted that ETF fund flows typically follow Bitcoin price movements. Comparing this with the case of gold ETFs, which also languished for a long time before hitting record highs, he stressed that weakening sentiment does not necessarily undermine the long-term adoption trend.
The variables that will determine the direction ahead are monetary policy and Nvidia's earnings. Jeff May, chief operating officer (COO) of BTSE, predicted, "If the Fed raises rates by 50 basis points (0.50 percentage points) rather than the 25 basis points (0.25 percentage points) expected by the market, there is room for further declines in Bitcoin and altcoin prices." The market sees Nvidia's earnings announcement scheduled for next week and rate expectations ahead of the December Federal Open Market Committee (FOMC) meeting as likely to dictate short-term direction.
With this correction, Bitcoin has fallen to a level about 46% below its all-time high of roughly $126,000 in October 2025. As the total market capitalization of the cryptocurrency market shrinks along with it, whether risk appetite recovers is expected to become the market's biggest focus for the time being.
Once added, BigGo Finance appears first in Google Search Top Stories, so you get the broadest, most up-to-the-minute, and most comprehensive global financial news first.
