Bitcoin fell below $70,000 on Friday, November 13, as another round of selling swept through the crypto market and forced traders out of billions of dollars in leveraged bets.
The world’s largest cryptocurrency dropped roughly 7% over 24 hours, trading near $68,400 during the Asian session. It was Bitcoin’s lowest price since August 20.
Ethereum was also hit, falling about 6% to $1,921. BNB lost more than 6%, while XRP dropped around 3.5%.
But the speed of the decline was just as notable as the price itself. As Bitcoin slipped through $70,000, traders who had borrowed money to bet on further gains saw their positions closed automatically. Those forced sales added to an already falling market.
More Than $1.3 Billion in Long Positions Wiped Out
Data from CoinGlass, reported by The Block, showed approximately $1.47 billion in crypto positions liquidated over 24 hours. Long positions accounted for $1.31 billion, or nearly 89% of the total.
More than 175,000 traders were affected.
The selling became particularly intense over a four-hour period, when liquidations reached $798 million. Around $718.5 million came from traders betting that prices would rise.
Rick Maeda, head of markets at Laevitas, described the drop as a “leverage event.”
He told The Block that Bitcoin had already lost $72,000 during the U.S. session. When it later fell below $70,000 in Asia, a large number of leveraged long positions were forced out in quick succession.
That helps explain why prices fell so sharply. When a leveraged trade no longer has enough collateral to stay open, exchanges can close it automatically. In a falling market, those closures can create more selling pressure and trigger further liquidations.
The reported liquidation totals represent the value of positions closed, rather than the amount of cash traders necessarily lost.
Inflation Concerns and Nvidia Shake-Up Add to Market Pressure
Crypto traders were already dealing with an uneasy backdrop before Friday’s decline.
The latest U.S. inflation figures raised fresh questions about the Federal Reserve’s next move. Consumer prices increased 0.4% in October, according to the Bureau of Labor Statistics, above the 0.3% increase economists had expected.
The result strengthened expectations that the Fed could raise interest rates in December.
Higher rates can make riskier investments less attractive, particularly when investors can earn stronger returns from dollar-denominated assets.
The Fed held its benchmark interest rate at 3.75% to 4% on October 28. No December rate increase has been announced.
Technology stocks faced another source of uncertainty this week.
On November 12, Nvidia confirmed that Jensen Huang had resigned as chief executive. The company appointed Chief Financial Officer Colette Kress as interim CEO.
The news unsettled investors already concerned about technology valuations and the outlook for U.S. monetary policy.
Bitcoin often trades alongside other risk-sensitive assets during periods of market stress. Friday’s decline came amid that wider uncertainty, although it is difficult to separate the effect of Nvidia’s leadership change from inflation concerns and the liquidation wave.
Bitcoin ETF Withdrawals Add to a Difficult Week
Demand from U.S. spot Bitcoin exchange-traded funds has also shown signs of weakness.
Figures from Farside Investors showed net withdrawals of $430.2 million on November 5 and another $411.9 million on November 6.
Those two sessions alone recorded more than $842 million in combined outflows.
ETF withdrawals do not establish what caused Friday’s decline. They do, however, show that one important source of Bitcoin demand had weakened before the latest selling.
The change in sentiment has been stark.
The Crypto Fear & Greed Index fell to 20 on November 13, placing the market in extreme fear. The index stood at 28 the previous day.
Extreme fear readings reflect widespread caution among investors. They do not necessarily mean prices have reached a bottom.
Can Bitcoin Hold Above $68,000?
For now, attention has shifted to the area around $68,000. Bitcoin traded below $69,000 during Friday’s session, with some market-data snapshots showing a low near $67,900. The decline has put further pressure on traders who entered leveraged positions during the recent recovery attempts.
A move back above $70,000 could ease some of that pressure. Another decline below Friday’s low, however, would leave the market vulnerable to further selling, especially if leveraged long positions remain exposed.
Investors will also be watching upcoming U.S. economic reports for signs of where interest rates might head next.
The Federal Reserve’s December 8-9 policy meeting is likely to draw particular attention after the latest inflation figures.
Bitcoin’s immediate challenge is whether buyers can regain control after the sharp decline. With sentiment deeply negative and the market still adjusting to forced liquidations, the coming trading sessions may help determine whether Friday’s selloff continues into the weekend.
Market prices and liquidation figures reflect reporting snapshots from November 13, 2026, and may change. This article is for informational purposes only and does not constitute investment advice.
