The Bitcoin price slipped below $70,000 for the first time since August, triggering about $1.2 billion in crypto liquidations. Key drivers explained.
The Bitcoin price slipped below US$70,000 early on Friday, November 13, 2026, triggering about US$1.2 billion in crypto liquidations, CoinDesk reported. It is the first time the world’s largest cryptocurrency has traded under US$70,000 since August. A strong US dollar, rising bets on higher US interest rates and fresh tension in the Middle East all weighed on the market.
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Bitcoin Price Falls to Lowest Level Since August
According to CoinDesk data, bitcoin fell to about $69,000. That is its lowest level since August 19. The drop extended a sell-off that has been building through the quarter.
Bitcoin is now down 17% this quarter. That loss has wiped out a large part of the rally seen in the previous three months. The fall below $70,000 is important because round numbers often act as key levels for traders, and many positions are built around them.
Key Numbers From the Sell-Off
| Item | Figure |
|---|---|
| Bitcoin low (CoinDesk data) | About $69,000 |
| Last time this low | August 19 |
| Bitcoin change this quarter | Down 17% |
| Crypto futures liquidated (24 hours, Coinglass) | More than $1.3 billion |
| Bitcoin share of liquidations | $677 million |
| Liquidated as BTC broke $70,000 | Nearly $500 million |
| Largest single liquidation | Over $31 million (Hyperliquid) |
| Dollar Index (DXY) | Above 103, highest since April 2025 |
Liquidations Topped $1.2 Billion
The headline figure from CoinDesk put liquidations at about $1.2 billion. Its later data from Coinglass showed that exchanges liquidated more than $1.3 billion in crypto futures bets over 24 hours. Of that, bitcoin accounted for $677 million.
Nearly $500 million was liquidated just as the Bitcoin price fell below $70,000. That shows how crowded the market was with leveraged bets near that level. The largest single liquidation was a long bitcoin position worth over $31 million on the decentralized exchange Hyperliquid.
How liquidations work
Many traders use borrowed money, or leverage, to trade crypto futures. They post margin, a small deposit, to control a larger position. When the market moves against them and losses eat through that margin, the exchange closes the position by force. This is called a liquidation.
Liquidations can speed up a fall. When long positions are closed, the exchange sells, which pushes prices lower. That can trigger more liquidations in a chain reaction. This is why a drop in the Bitcoin price can turn sharp very quickly.
Why the Bitcoin Price Is Falling
CoinDesk pointed to several forces behind the move.
A stronger US dollar
The Dollar Index (DXY), which tracks the US dollar against major currencies, traded above 103. That is its highest level since April 2025. The index has risen nearly 2% since early October. A strong dollar often weighs on assets such as bitcoin, which are sensitive to global liquidity. The same dollar strength is also pressuring the loonie, as covered in our story on the Canadian dollar near a 19-month low.
Rising bets on US rate hikes
The odds of a half-percentage-point rate hike by the US Federal Reserve in December increased this week. This followed a hotter-than-expected US consumer price index reading for October. Higher interest rates make holding cash and bonds more attractive, which can reduce demand for risk assets.
Middle East tension
Media reports pointed to renewed military escalation in the Middle East. Iran’s Islamic Revolutionary Guard Corps said it had destroyed a US early-warning radar in Bahrain, according to the semi-official Tasnim news agency. Geopolitical stress often leads investors to cut exposure to riskier assets. WTI crude oil traded around $88 a barrel, slightly below Thursday’s high of $89.15.
Other Cryptocurrencies Also Fell
The sell-off was not limited to bitcoin. Other major tokens also came under pressure:
- Ether: fell below $2,000 for the first time since August.
- XRP: traded near $1.
- Solana (SOL): traded below $80.
- Smaller tokens: GT, Stacks and XMR fell 7% or more.
When the Bitcoin price drops sharply, the wider crypto market usually follows. Bitcoin is the largest digital asset, and it often sets the tone for the rest of the market.
What the Bitcoin Price Drop Means for Investors
A fall of this size can be unsettling, but it is not unusual for crypto. Bitcoin has a long history of sharp swings in both directions. Here are a few points to keep in mind:
- Volatility is normal: double-digit moves in a quarter are common for bitcoin.
- Leverage adds risk: traders using borrowed money can lose their whole margin in a fast move.
- Macro matters: the US dollar, interest rates and global events can move the Bitcoin price as much as crypto-specific news.
- Companies feel it too: firms that borrow against bitcoin see their collateral shrink when prices fall.
That last point is already visible. Our report on the Nakamoto Kraken loan shows how a bitcoin treasury company’s pledged coins have lost value in this sell-off. Fund flows have also turned weak, as covered in our story on Bitcoin ETFs turning negative for the year.
How Canadian Investors Feel the Move
For investors in Canada, the Bitcoin price is usually quoted in US dollars, but most local buyers fund their purchases in Canadian dollars. When the US dollar is strong, a drop in the Bitcoin price measured in US dollars can look slightly smaller in Canadian-dollar terms, because each US dollar is worth more loonies. The reverse is also true when the loonie strengthens.
Canadians can hold bitcoin through registered crypto trading platforms or through exchange-traded funds listed on Canadian exchanges. Either way, the same market forces described above apply. Investors who use margin or leverage face the same liquidation risk as traders elsewhere, so understanding position size is important.
What to Watch Next for the Bitcoin Price
Several factors could shape the next move in the Bitcoin price:
- The US dollar: whether the Dollar Index stays near its 19-month high or eases back.
- Federal Reserve expectations: how rate-hike bets change ahead of the December meeting.
- Geopolitical news: any further escalation or easing in the Middle East.
- Leverage levels: how much leveraged positioning builds up again after the liquidations.
- The $70,000 level: whether bitcoin can climb back above it or treats it as resistance.
Market data on liquidations is published by trackers such as Coinglass, which many traders use to monitor leveraged positions.
Frequently Asked Questions
Why did the Bitcoin price fall below $70,000?
CoinDesk linked the fall to a strong US dollar, rising bets on a large US rate hike in December, and renewed tension in the Middle East. Heavy liquidations of leveraged positions then sped up the drop.
How much was liquidated in the sell-off?
CoinDesk’s headline put liquidations at about $1.2 billion. Coinglass data cited in the article showed more than $1.3 billion in crypto futures liquidated over 24 hours, with $677 million from bitcoin.
When was bitcoin last below $70,000?
Bitcoin fell to its lowest level since August 19, making this the first time it has traded under $70,000 since August.
What is a crypto liquidation?
A liquidation happens when a leveraged trader’s losses use up their margin, and the exchange closes the position by force.
This article is for information only and is not financial advice.
