Ethereum dropped below $2,000 for the first time since August, XRP traded near $1, and Solana fell below $80.
Bitcoin's sell-off accelerated on November 13 after the US dollar reached its highest level against major global currencies since April 2025, CoinDesk reported.
The world's largest cryptocurrency fell to $69,000, its lowest level since August 19. Bitcoin has lost 17% since the beginning of the quarter, wiping out a significant portion of its gains over the previous three months.
The downturn spread across the broader cryptocurrency market. Ethereum dropped below $2,000 for the first time since August, XRP traded near $1, and Solana fell below $80.
Selling pressure intensified after the US Dollar Index (DXY) climbed above 103 points. The index has risen by nearly 2% since the beginning of October amid expectations that the US Federal Reserve will raise interest rates.
The probability of a half-percentage-point rate increase in December rose following the release of higher-than-expected US inflation figures for October.
Reports of renewed military escalation in the Middle East added further pressure.
Iran's Islamic Revolutionary Guard Corps (IRGC) said it had destroyed a US early-warning radar system in Bahrain in retaliation for an airstrike on a telecommunications tower in Sirik.
In a statement cited by the Tasnim news agency, Iranian forces described the strike as a "serious warning" to the "aggressor enemy" and demanded an end to aerial provocations and oil smuggling through the Strait of Hormuz.
Despite the tensions, US West Texas Intermediate (WTI) crude oil was trading at around $88 per barrel.
Forced Liquidations Exceed $1.3 Billion
Cryptocurrency exchanges liquidated more than $1.3 billion worth of futures positions over a 24-hour period, according to data from Coinglass. Of that amount, $677 million was linked to Bitcoin.
Nearly $500 million in liquidations occurred immediately after Bitcoin fell below $70,000, highlighting the significant buildup of leveraged positions.
A forced liquidation occurs when an exchange automatically closes a position after its losses have exhausted the required collateral.
The largest liquidated position was worth more than $31 million. It represented a bet on rising Bitcoin prices on the decentralised trading platform Hyperliquid. | BGNES
