Bitcoin price decline pushes cryptocurrency below $70,000 as Fed rate hike forecasts and crypto liquidations surge.
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The bitcoin price decline pushed the cryptocurrency below $70,000 on November 13, reaching $67,770 as expectations of a Federal Reserve rate increase lifted the dollar and crypto liquidations reached $1.64 billion. Ether fell to $1,900, leaving both assets at their lowest levels in about 12 weeks.
Summary
Key takeaways
- Bitcoin touched its lowest price since August 19; ether reached its lowest since August 18.
- CME’s FedWatch tool put the probability of a December quarter-point rate increase at 88%.
- Long positions accounted for 88.7% of crypto liquidations over 24 hours.
- U.S. spot bitcoin ETFs recorded approximately $1.44 billion in withdrawals across six consecutive sessions.
Bitcoin price decline breaks $70,000 as ether hits $1,900
Bitcoin fell as low as $67,770, a level last seen on August 19, while ether’s $1,900 low was its weakest since August 18. Bitcoin was down 3.5% from midnight UTC, breaking below $70,000 for the first time since August.
The selling extended beyond the two largest cryptocurrencies. Solana traded below $80 and XRP approached $1 during the decline. Across major crypto derivatives markets, market-order selling outweighed buying over 24 hours, with bitcoin showing the most negative cumulative volume delta, followed by Uniswap’s UNI, Dogecoin and Sui’s SUI.
Dollar rises as markets price in a December Fed increase
The U.S. Dollar Index climbed above 103, its highest level since April 2025, as stronger-than-expected inflation data increased expectations of tighter monetary policy. Treasury yields also moved higher.
CME’s FedWatch tool showed an 88% probability of a 25-basis-point increase in December and a 12% probability of a larger, 50-basis-point move. Those expectations weighed on riskier assets, including cryptocurrencies.
Higher interest rates make cash and interest-bearing investments more attractive relative to bitcoin, which pays no interest. The bitcoin price decline also coincided with renewed pressure on technology shares following Nvidia’s leadership change.
Crypto liquidations reach $1.64 billion, dominated by longs
CoinGlass data showed $1.64 billion in liquidations over 24 hours, with long positions accounting for 88.7% of the total. Liquidations occur when exchanges forcibly close leveraged trades after losses leave insufficient collateral.
Bitcoin futures accounted for $916 million, with longs representing 95.2%. Ether liquidations reached $289 million, of which 89.5% were longs. The largest individual liquidation was a $31.1 million bitcoin long on Hyperliquid at $72,250.
“The sharp leg lower in crypto looks like a leverage event as BTC broke key levels,” said Rick Maeda, head of markets at Laevitas. He said long positions clustered below $70,000 were forced out rapidly after bitcoin broke that threshold during Asian trading.
Crypto futures volume rose 58.3% to $269.1 billion while open interest—the value of outstanding contracts—fell 4.6% to $120.2 billion, indicating position closures and money leaving the broader market. Sell-side trades accounted for 51.9% of taker volume.
Bitcoin and ether showed a more nuanced pattern: their open interest fell less than their prices, leaving money committed to those futures roughly steady. Solana, Zcash and Dogecoin instead recorded open-interest declines substantially larger than their price drops, signaling position exits.
Funding rates were negative across bitcoin, ether, XRP, Solana and Tron’s TRX, meaning shorts were paying longs. In options, bitcoin’s one-week 25-delta skew reached around 14%, indicating that downside protection cost more than upside exposure. The most actively traded ether option was the $1,800 put expiring November 20.
ETF withdrawals continue as Nvidia turmoil hits tech sentiment
U.S. spot bitcoin ETFs recorded $47.7 million in net withdrawals on November 12, according to Farside Investors. That extended the outflow streak to six sessions, totaling approximately $1.44 billion; withdrawals since the start of November reached around $1.88 billion.
Nvidia confirmed that Jensen Huang resigned as chief executive and board member, with Chief Financial Officer Colette Kress becoming interim CEO. Nvidia shares fell 4%, adding pressure to technology investments alongside the crypto selloff. Bitcoin tends to track technology stocks closely.
The next scheduled economic release was October producer-price data on November 13, with economists expecting a 0.4% monthly increase. The Federal Reserve’s next meeting is scheduled for December 8–9.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
