Bitcoin fell below $70,000 amid concerns over inflation and additional interest-rate hikes, reaching its lowest level since August.
Bitcoin dropped as much as 5.4% intraday on the 13th to $67,628. With high oil prices and persistent inflation strengthening expectations of further interest-rate hikes by the Federal Reserve, the possibility of tighter cryptocurrency regulation also weighed on the market after Democrats took control of both chambers following the midterm elections.
Rich Rosenblum, co-founder of GSR, said volatility in AI-related stocks, a stronger dollar and changes among Nvidia executives were weighing on risk assets.
According to CoinGlass, approximately $1.5 billion worth of bullish cryptocurrency positions were liquidated over 24 hours. Sean McNulty of AQC Tech said that more than $1 billion in leveraged long positions were forcibly liquidated shortly after BTC fell below $70,000, triggering additional selling pressure.
Sources
- Bloomberg — Bitcoin Slides Below $70,000 as Inflation Concerns Hurt Crypto — 2026-11-13