Bitcoin extended its losses on Friday, November 13, falling below $70,000 for the first time in nearly three months, as rising US Treasury yields, a stronger dollar and heavy liquidations intensified selling across cryptocurrency markets.
Bitcoin declined approximately 5% to $69,287, after touching an intraday low near $67,468. The cryptocurrency was heading for a weekly loss exceeding 8%, with selling pressure persisting through the morning session.
Ethereum fell 3.2% to $1,958, having earlier slipped to $1,896, while Solana traded around $80.55 and XRP hovered near $1.03.
Bitcoin faces heavy liquidations
The latest decline triggered widespread liquidations of leveraged cryptocurrency positions, with more than $1.3 billion reportedly wiped out over 24 hours.
Selling accelerated after Bitcoin breached the $70,000 threshold, forcing leveraged traders to close positions and adding downward pressure to prices.
Institutional demand also weakened, with continued withdrawals from US spot Bitcoin exchange-traded funds raising concerns about the sustainability of the market's recovery.
Fed expectations weigh on cryptocurrencies
The US dollar remained supported by expectations of tighter Federal Reserve monetary policy, while rising Treasury yields reduced investors' appetite for speculative assets.
Persistent inflation concerns have encouraged traders to reassess the outlook for US interest rates, placing additional pressure on cryptocurrencies and technology stocks.
Meanwhile, uncertainty surrounding Nvidia's leadership intensified concerns about artificial intelligence valuations, contributing to weaker sentiment across risk-sensitive markets.
Attention turns to US inflation figures
Investors are awaiting Friday's US producer price inflation report, scheduled for 13:30 GMT, for further indications of inflationary pressures.
A stronger-than-expected reading could reinforce expectations of additional monetary tightening, potentially extending the cryptocurrency selloff.
Bitcoin's immediate outlook remains vulnerable below $70,000, with traders monitoring the $67,500 region for support, while Ethereum faces continued pressure beneath the $2,000 threshold.
