Bitcoin fell to $68,000 on Friday, November 13, reaching its lowest level since August. The decline in the world's largest cryptocurrency has been accompanied by widespread liquidations of trading positions, totaling more than $1.3 billion over the past 24 hours.
Bitcoin was still trading above $71,000 on Thursday, but the sell-off accelerated overnight. The decline also affected other digital assets. Ethereum fell below $2,000 for the first time since August, Solana dropped below $80, and XRP approached the $1 mark.
Stronger dollar and expectations of a Fed rate hike
One of the main drivers of the sell-off was the strengthening U.S. dollar. The U.S. Dollar Index (DXY) climbed above 103 points, reaching its highest level since April 2025. The index has risen by nearly 2% since early October, putting additional pressure on risk assets, including cryptocurrencies.
Investors are concerned about further monetary tightening by the U.S. Federal Reserve (Fed). Data released earlier this week showed that October inflation exceeded economists' forecasts. This increased the likelihood of a 0.5 percentage point interest rate hike in December.
Escalating tensions in the Middle East have created additional uncertainty. Reports of renewed military clashes between Iran and the U.S. have heightened investor concerns about the potential course of the conflict.
Against this backdrop, the crypto market experienced a wave of forced position closures. According to CoinGlass, exchanges liquidated more than $1.3 billion in positions over 24 hours, with Bitcoin accounting for approximately $677 million. Nearly $500 million in liquidations occurred as BTC fell below $70,000. The largest individual liquidation on the Hyperliquid platform exceeded $31 million.
Nvidia CEO's resignation adds to market pressure
The cryptocurrency sell-off began on Thursday amid turmoil in the technology sector. Nvidia announced the immediate resignation of its CEO, Jensen Huang, following a scandal involving his personal life and alleged connections to Chinese intelligence. Chief Financial Officer Colette Kress was appointed interim CEO.
Nvidia shares plunged more than 12% at Thursday's market open, although they later recovered some of their losses. Huang's resignation intensified investor concerns about the outlook for major technology companies and the sustainability of the artificial intelligence boom.
Another negative factor was index provider MSCI's decision to remove Strategy, the largest corporate holder of Bitcoin, from its indexes effective November 30. This could force investment funds tracking the affected indexes to sell the company's shares.
Analysts at trading firm Wintermute have pointed to a lack of large buyers willing to support Bitcoin at current price levels. In their view, a sustained recovery will require renewed capital inflows into U.S. spot Bitcoin ETFs.
As a reminder, a potential merger between SpaceX and Tesla could bring more than 30,000 bitcoins under a single corporate structure.
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