Bitcoin and Ethereum plunged more than 4%, falling to their lowest levels since August. The selloff came as a management shakeup at AI bellwether Nvidia chilled sentiment across technology stocks, with the risk-off mood spreading into the cryptocurrency market.
As of the afternoon of Nov. 13, Bitcoin was trading at 92.673 million won (approximately $69,000) on South Korea's Bithumb exchange, down 4.51% from the previous day. Ethereum fell 4.09% to 2.605 million won (approximately $2,000). Overseas prices, as tracked by CoinMarketCap, fell even more sharply, with Bitcoin slipping below $70,000 and Ethereum below $2,000. As recently as 8:10 a.m. that day, Bitcoin had been hovering around 96.66 million won (approximately $72,000) with only a modest decline, but the drop accelerated sharply in the afternoon.
The trigger was the overnight U.S. stock market. Nvidia shares closed down 4.3% on news that CEO Jensen Huang was stepping down, and the Nasdaq Composite fell 0.4% as AI-related stocks weakened. Russell Thompson, chief investment officer at digital-asset investment firm Hilbert Group, said that if the decline in AI and semiconductor stocks triggers broad portfolio liquidation, Bitcoin prices could fall further.
As prices slid, leveraged positions that had bet on gains were forcibly liquidated. According to on-chain analytics firm Coinglass, at one point in the morning about $680.81 million (~910 billion won) worth of crypto positions were liquidated worldwide over the prior 24 hours, of which 88%, or about $599 million (~800 billion won), were long positions. Long liquidations for Bitcoin and Ethereum totaled about $310 million (~410 billion won) and $95 million (~130 billion won), respectively.
Note: As of 2:59 p.m. on Nov. 13
Institutional money is also pulling back. U.S. spot Bitcoin exchange-traded funds (ETFs) saw net outflows of $299.9 million (~400 billion won) on Nov. 11, marking a fifth consecutive trading session of outflows since Nov. 5. The Fear and Greed Index, a gauge of market sentiment, stood at 28, entering "fear" territory.
The latest slump is less the result of any single negative catalyst than a combination of an AI-led stock correction and leveraged liquidations. If long positions that fall short of margin requirements are forcibly unwound as prices decline, selling pressure could build again in a vicious cycle, leaving room for further short-term volatility. Still, some analysts note that the premium of South Korean prices over overseas quotes (the "kimchi premium") held at plus 1.25%, suggesting South Korean demand has not completely dried up.
