12 min read
Bitcoin below 70000: BTC traded at $68,681 at 18:12 KST (09:12 UTC) on Nov. 13, per CoinGecko, down 6.38% in 24 hours. That is its lowest level since August, and it came as the U.S. dollar index sat at a 19-month high above 103, the 10-year Treasury yield stood near 5.13% and more than $1.3 billion of leveraged crypto bets were liquidated in a day (CoinGlass data via CoinDesk).
What decides the next move is on the calendar: U.S. producer prices at 10:30 p.m. KST tonight, spot ETF flows, and the Fed’s Dec. 9 decision. If you hold coins outright with no borrowed money, this drop hurts your balance but cannot force you out. The people wiped out today were mostly leveraged buyers.
Key takeaways
- $10,000 of bitcoin bought at the $126,080 all-time high (Oct. 6, 2025) was worth about $5,443 at 09:10 UTC Nov. 13, per CoinGecko.
- $10,000 bought 30 days earlier was worth about $8,232, after a 17.68% slide (CoinGecko).
- 10 million won of BTC bought on Upbit at 100,338,000 won (9 a.m. KST Nov. 12) was worth about 9.316 million won at 18:13 KST Nov. 13 (Upbit API).
- Longs took $653.09 million of the $677.16 million in bitcoin liquidations, about 96% (CoinGlass via Block Media, 13:32 KST).
Why is bitcoin below 70000 today?
No single headline did this. Four forces landed inside 48 hours, and each one pulls money out of assets that pay no interest. Bitcoin pays none.
The dollar hit a 19-month high
The Dollar Index traded above 103, its highest since April 2025 and up nearly 2% since early October, CoinDesk reported. Reuters, via TokenPost, had it at 103.17 at 10:52 a.m. KST.
A strong dollar works as a squeeze on global liquidity (the pool of cheap money looking for a home): borrowing in dollars costs more, and assets priced in dollars look pricier to everyone holding other currencies.
Treasury yields above 5% and Fed hike bets
The trigger for the rate panic was the October CPI report: prices rose 0.4% month on month and core prices 0.3% (BLS via TokenPost), hotter than expected. Block Media had the 10-year Treasury yield at 5.129% and the 30-year at 5.462% at 18:05 KST. The New York Fed’s effective fed funds rate was 3.88% on Nov. 10.
Markets now expect the Fed to raise rates again. On Nov. 12 at 10:55 a.m. EST, futures priced a 94% chance of a quarter-point hike at the Dec. 9 meeting, according to CoinDesk’s live blog.
The odds of a half-point hike rose to 14.5% from 0% a week earlier (Reuters via TokenPost), or about 13% per CME FedWatch as cited by FXStreet. Fed Governor Waller was reported to back a quarter-point move, while Vice Chair Bowman voiced concern about the costs of more tightening (TokenPost, citing reports).
Here’s why that matters for bitcoin. When a U.S. government bond pays over 5% with almost no credit risk, every dollar parked in a volatile asset that pays nothing has to justify itself. Some of that money left this week.
Nvidia, Strategy and a risk-off mood
Risk-off means investors dump anything volatile and hide in cash or bonds. On Nov. 12, Nvidia CEO Jensen Huang resigned effective immediately, and NVDA fell as much as 14% before trimming the loss to about 5% by 11:47 a.m. EST (CoinDesk).
The same day, MSCI confirmed that Strategy, the best-known corporate bitcoin holder, will be removed from its global equity indexes after the close on Nov. 30. Index funds that track MSCI benchmarks have to sell what leaves the index, and that is one more source of pressure on a bitcoin proxy. Block Media lists both, plus rising yields, as reasons for the selling.
CoinDesk also cites renewed Middle East tension: Iran’s IRGC said it destroyed a U.S. early-warning radar in Bahrain. That is a claim reported by media and has not been independently confirmed.
WTI crude sat near $88 (CoinDesk); Yahoo Finance had it at $88.73 on Nov. 13. Newspim adds that some traders worry a Democratic-controlled Congress after the midterms could mean tougher crypto rules.
How $1.3 billion in leveraged bets turned a slide into a flush
The macro news explains why bitcoin was weak. Leverage explains why it fell this fast. More than $1.3 billion of crypto futures were liquidated in 24 hours, $677 million of it in bitcoin, and about $500 million went as BTC broke $70,000 (CoinGlass data via CoinDesk). The largest single hit was a long bitcoin position of over $31 million on Hyperliquid.
By Block Media’s 18:05 KST wrap, the 24-hour total had grown to $2.04 billion, with longs at $1.85 billion. The two numbers differ because they cover different time windows.
What a liquidation cascade looks like, step by step
- A trader borrows to buy bitcoin futures and posts collateral (margin). At 10x leverage, a move of roughly 10% against them can erase that margin.
- As the price falls, the exchange checks whether the collateral still covers the loss.
- When it doesn’t, the exchange closes the position by force, which means a market sell order.
- That sell pushes the price lower, which knocks out the next layer of leveraged longs.
CoinDesk reports that crowded long positions amplified the drop: the break below $70,000 likely pushed many longs under their collateral requirements and forced sales. A round number like $70,000 is where many traders park stop-loss orders, so once it went, sellers arrived all at once. CoinGecko shows a 24-hour range of $73,539 to $67,922, and an hourly low around $68,062 at 15:00 KST.
Who got hurt the most?
The buyers. Per Block Media’s CoinGlass figures at 13:32 KST, longs were about 96% of bitcoin liquidations and 91% of the $190.35 million in ether liquidations. Solana added $43.37 million.
Sentiment followed: the Fear & Greed Index read 20 in the afternoon and 19, “extreme fear”, by early evening (Block Media). If you want to know what those readings have meant in the past, see how the crypto fear and greed index works.
What is my bitcoin worth after the drop below $70,000?
It depends almost entirely on when you bought. Here is $10,000 at four entry points, measured against CoinGecko’s price at 09:10 UTC (18:10 KST) on Nov. 13.
| Bought | Entry price (CoinGecko) | Change to 09:10 UTC Nov. 13 | $10,000 is now about |
|---|---|---|---|
| 24 hours earlier (09:00 UTC Nov. 12) | $73,515 | -6.58% | $9,342 |
| 7 days earlier | not listed | -9.22% | $9,078 |
| 30 days earlier | not listed | -17.68% | $8,232 |
| All-time high (Oct. 6, 2025) | $126,080 | -45.57% | $5,443 |
Why the peak buyer has the hardest road back
Losses and recoveries aren’t symmetric. A 45.57% loss needs a much bigger gain to break even: from this snapshot, bitcoin would have to come close to doubling to get back to $126,080. The 30-day buyer faces a smaller gap, and the 30-day hourly high of about $84,778 (22:00 UTC Oct. 21, CoinGecko) shows how quickly that gap opened.
Bitcoin on Upbit: the 100-million-won price tag is gone
For Korean holders this drop has a psychological edge. Upbit’s previous daily candle (9 a.m. Nov. 11 to 9 a.m. Nov. 12 KST) closed at 100,338,000 won.
At 18:13:22 KST on Nov. 13, KRW-BTC traded at 93,476,000 won, with a day low of 92,500,000 won (Upbit public API). For reference, Upbit’s API shows a 52-week high of 146,306,000 won on Nov. 15, 2025.
Altcoins slid as well. At about 18:13 KST, ETH was 2,630,000 won (-3.73% vs the 9 a.m. open), SOL 108,600 won (-1.81%) and XRP 1,400 won (-0.50%). XRP’s day low of 1,355 won was its 52-week low on Upbit.
Why Upbit shows a smaller drop than CoinGecko
Upbit measured BTC at -3.22% on Nov. 13 while CoinGecko showed -6.38%. Both numbers are right.
Upbit compares against the 9 a.m. KST open (96,591,000 won), and by 9 a.m. much of the damage had already happened overnight. CoinGecko uses a rolling 24-hour window. If you only check the Upbit app, you’re probably underestimating what the past day cost you.
Is there a kimchi premium right now?
A small one. Comparing Upbit’s 93,476,000 won with CoinGecko’s global KRW price of 91,836,394 won at about 18:13 KST gives a premium of roughly 1.8%. That is our own estimate, not a published index. It means Korean buyers are paying a little more than the global price.
If the premium shrinks while the global price stays put, Korean holders lose on top of the global move. With the won at 1,336.7 per dollar (Block Media), the exchange rate is not what’s driving the gap.
By the numbers
- After the 6.58% drop from $73,515 (09:00 UTC Nov. 12) to $68,678 (09:10 UTC Nov. 13, CoinGecko), $10,000 of bitcoin became about $9,342.
- After the 17.68% fall over 30 days (CoinGecko, Nov. 13), $10,000 became about $8,232.
- With bitcoin 45.57% below its $126,080 all-time high of Oct. 6, 2025 (CoinGecko, 09:10 UTC Nov. 13), $10,000 bought at the peak is about $5,443.
- On Upbit, the 6.84% drop from 100,338,000 won to 93,476,000 won (18:13 KST Nov. 13) turned 10,000,000 won into about 9,316,000 won.
How we calculated: CoinGecko changes at 09:10 UTC Nov. 13 (the hourly chart for the 24-hour figure, coin data for the 30-day change and the all-time-high gap) and Upbit public API prices for 9 a.m. KST Nov. 12 and 18:13 KST Nov. 13, applied to round example amounts.
Spot bitcoin ETF outflows: is the big money leaving?
The ETF data says yes, for now. U.S. spot bitcoin ETFs lost a net $299.9 million on Nov. 11 and $47.7 million on Nov. 12, the sixth straight day of outflows (Farside via Block Media). About $270 million of Wednesday’s outflow came from BlackRock’s IBIT, according to CoinDesk.
Zoom out and it gets heavier. Spot bitcoin ETFs are $1.56 billion in net outflows for 2026 so far, with $643.6 million out this week through Thursday and $1.28 billion the week before (SoSoValue data via CoinDesk). Newspim counts more than $2.5 billion of net outflows from Oct. 30 to Nov. 11.
Why ETF flows move the price
When investors redeem ETF shares, the fund has less need for the bitcoin backing them, and that supply reaches the market. Steady outflows during a rate scare suggest institutions are cutting risk and not buying the dip. Nov. 13 flow data wasn’t available at writing. I covered the start of this exodus in the slide below $72,000, and the pattern hasn’t broken since.
How the rate shock reaches your wallet, from bonds to bitcoin
Follow the chain. Hot inflation data raises Fed hike odds. Higher expected rates push Treasury yields above 5%. Higher yields pull money into dollars, and the dollar index climbs.
A strong dollar and costly borrowing shrink liquidity, and the most speculative assets get sold first. This past month bitcoin and ether were at the bottom of that list.
| Asset | Latest | 1-month move | Source, date |
|---|---|---|---|
| Bitcoin | $68,627 | -17.68% (30 days) | CoinGecko, Nov. 13 |
| Ether | $1,933.74 | -23.03% (30 days) | CoinGecko data, Nov. 13 |
| KOSPI | 5,290.53 | -11.95% | Yahoo Finance, Nov. 13 |
| Nikkei 225 | 61,142.35 | -9.75% | Yahoo Finance, Nov. 13 |
| Gold | $3,904.30/oz | -6.37% | Yahoo Finance, Nov. 13 |
| Nasdaq Composite | 25,366.09 | -4.97% | Yahoo Finance, Nov. 12 |
| S&P 500 | 7,592.40 | -1.64% | Yahoo Finance, Nov. 12 |
| U.S. dollar index | 103.14 | +1.12% | Yahoo Finance, Nov. 13 |
Is crypto falling alone?
No, but it is falling hardest. The dollar is the only asset in that table that rose. Gold, the classic safe haven, lost 6.37% in a month because it pays no interest either.
In Seoul, the KOSPI touched 5,504.44 intraday on Nov. 13 before closing at 5,290.53, down 0.98%, as foreigners net sold 703.2 billion won (Block Media). The whole picture says global money is retreating toward cash and bonds.
What it means for savings and loans
The same 5.1% Treasury yield that hurts bitcoin helps savers: high-yield savings accounts and short-term bonds pay more when the market expects more hikes. Borrowers get the opposite: loans priced off Treasury yields, mortgages included, tend to get more expensive. If you carry a loan and a crypto position at the same time, you’re exposed to both sides of this trade.
How far has bitcoin fallen since its record, and since August?
CoinDesk’s Omkar Godbole reported that bitcoin fell to about $69,000 early on Nov. 13, its lowest since Aug. 19, and is down 17% this quarter. Newspim dated the previous comparable low to Aug. 20.
At 09:10 UTC, BTC sat 45.57% below its all-time high of $126,080 from Oct. 6, 2025 (CoinGecko).
The rest of the market looks worse. Ether fell below $2,000 for the first time since August (CoinDesk) and is down 23.03% over 30 days, Solana 25.73%, XRP 25.12% and Cardano 27.7%, per CoinGecko data. Bitcoin’s share of total crypto market value stands at 58.97%, and total market cap was about $2.34 trillion, down 6.51% in 24 hours. When money gets scared it consolidates into the biggest coin, and even that coin is falling.
Mistakes I’d avoid after a $70,000 break
I’ve made some of these myself, in earlier cycles.
The first is adding leverage to “catch the bottom.” Today’s liquidation data shows what happened to people who bet on a bounce with borrowed money: 96% of bitcoin liquidations were longs. A price that has already fallen can keep falling, and a futures position has no patience.
The second is reading the wrong number. Upbit’s -3.22% and CoinGecko’s -6.38% describe different windows. Know which one your app shows before you decide anything.
Third, treat every price with a time stamp. Between Block Media’s 13:30 KST snapshot ($68,856) and CoinGecko’s 09:12 UTC reading ($68,681), the price moved again. There is no close in crypto, so a headline price can be stale within minutes.
Finally, don’t confuse a macro story with a crypto story. Nothing broke inside bitcoin itself this week. The dollar, yields and the Fed did the damage, which means those are the numbers that will tell you when the pressure eases.
What I’m watching next: PPI, ETF flows and Dec. 9
Tonight at 10:30 p.m. KST, the U.S. producer price index comes out (TokenPost). Another hot reading would feed the half-point hike talk and the dollar; a soft one could take some heat off yields. I laid out the setup in what to expect from the October PPI report.
After that, I’m looking at four things:
- Whether spot bitcoin ETFs post a seventh straight day of outflows when Nov. 13 data lands.
- The dollar index around 103 and the 10-year yield around 5.1%. A reversal in either would matter more than any crypto headline.
- Nov. 30: Strategy leaves MSCI’s global indexes after the close.
- Dec. 9: the FOMC decision, and whether it’s a quarter point, a half point, or a pause.
Nobody knows yet whether bitcoin gets back above $70,000 or keeps sliding. I’m not guessing a level.
What I can say is that the conditions behind this drop (a strong dollar, 5% yields, ETF outflows) are all measurable, and they’ll change before the price story does. This is not financial advice. Do your own research.
FAQ
Why did bitcoin fall below $70,000?
A dollar index at a 19-month high above 103, a 10-year Treasury yield above 5% and rising odds of a December Fed hike after a hot October CPI pushed investors out of risk assets (CoinDesk, Block Media). Nvidia CEO Jensen Huang’s resignation, Strategy’s MSCI removal and six days of spot ETF outflows added pressure. Once $70,000 broke, forced selling of leveraged longs sped up the fall.
When was bitcoin last this low?
CoinDesk says the drop to about $69,000 took bitcoin to its lowest since Aug. 19. Newspim dates it to Aug. 20. Either way, it’s the first trade below $70,000 in about three months.
How much crypto was liquidated?
More than $1.3 billion of crypto futures were liquidated in 24 hours, including $677 million in bitcoin, per CoinGlass data cited by CoinDesk early on Nov. 13. Block Media’s 18:05 KST tally over a later window was $2.04 billion, of which $1.85 billion were longs.
Is bitcoin still above 100 million won on Upbit?
No. Upbit’s daily candle ending 9 a.m. KST Nov. 12 closed at 100,338,000 won, and at 18:13 KST Nov. 13 BTC traded at 93,476,000 won, with a day low of 92,500,000 won (Upbit API). Our own estimate puts the kimchi premium at about 1.8% at that time.
What is bitcoin’s all-time high?
$126,080, set on Oct. 6, 2025, according to CoinGecko. At 09:10 UTC on Nov. 13, bitcoin was 45.57% below that level, so $10,000 bought at the peak was worth about $5,443.
When is the next Fed decision?
The FOMC announces its decision on Dec. 9. On Nov. 12, futures priced a 94% chance of a quarter-point hike (CoinDesk), and the odds of a half-point move were about 13% to 14.5% depending on the source and time (TokenPost citing Reuters and CME FedWatch).
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Sources coindesk.com · tokenpost.kr · blockmedia.co.kr · newspim.com
This article is for information only and is not financial advice. Crypto assets are volatile; you can lose all of your money.