Bitcoin Price Today: Bitcoin Crashes Below $70,000 for the First Time Since August as $1.3 Billion in Bets Are Wiped Out
Friday started badly for Bitcoin. By the time most people in Pakistan were waking up, the coin had already had its worst day in months — crashing below $70,000 in the early hours, to its lowest level since August 19, and dragging nearly everything else in crypto down with it.
New York was asleep when it happened. Asian trading did the damage. Bitcoin slid from around $73,500 on Thursday morning to an intraday low near $67,600, then steadied close to $69,000 by late morning in Pakistan. Roughly 7% gone in a single day. About 17% since the quarter began. By 9:20 in the morning here, CoinGecko had the price at $68,828.
In rupees, the fall is easy to feel. One bitcoin now costs roughly Rs 19 million. A day earlier it was worth more than Rs 20.4 million.
The numbers behind the crash
Bitcoin was not alone. Ethereum, the second-largest cryptocurrency, fell below $2,000 for the first time since August and was trading near $1,930. XRP hovered close to $1. Solana dropped under $80. The smaller tokens had it worse — several down 7% or more in a day.
Add it all up and the whole crypto market was worth about $2.34 trillion in the early hours, CoinGecko’s figures show, down almost 8% in 24 hours. Bitcoin now sits roughly 45% below its record of $126,080 from October 6, 2025. Earlier in the same week it was trading above $76,000. The ground gave way fast.
Still, the price was not the biggest number of the night. The forced selling was.
More than $1.3 billion in crypto futures positions were liquidated in 24 hours, according to data firm CoinGlass, cited by CoinDesk. Bitcoin alone accounted for $677 million. Nearly $500 million of that vanished in the rush as Bitcoin broke below $70,000 — the level where a crowd of traders had placed their bets. Later tallies ran higher still: $1.41 billion, and above $1.65 billion by mid-morning.
A liquidation is a margin call nobody gets to answer. Traders borrow money to bet on prices rising. When the price falls far enough, the exchange closes the position automatically and sells. That selling pushes the price lower, which triggers the next round of closures. On Friday, 172,922 traders were caught in that spiral in one day. The biggest single loss: a $31.09 million bet on Bitcoin rising, closed on Hyperliquid, a decentralised derivatives exchange.
Why Bitcoin fell: a dollar at its strongest in 19 months
No single event explains it. Several pressures arrived at once, and they all pointed the same way.
Start with the dollar. The Dollar Index — the greenback measured against a basket of major currencies — is at its highest in 19 months, above 103. When the dollar strengthens, money tends to drain out of riskier assets, and there are few riskier assets than crypto. Bitcoin’s slide picked up speed as the dollar climbed.
Then the Federal Reserve. October’s US inflation report came in hotter than expected, up 0.4% on the month. Cleveland Fed president Beth Hammack said this week that higher interest rates are needed. Traders now treat a December rate rise as almost certain — the CME FedWatch tool puts the odds of a quarter-point move at about 94%. And the yield on the 10-year US Treasury bond has climbed past 5.1% — a level where safe government debt starts to look very attractive next to a volatile coin.
The Nvidia shock fed into it as well. Jensen Huang resigned as Nvidia chief executive on Thursday, and the chipmaker’s shares fell 4.3%. Technology stocks everywhere wobbled, and crypto — which trades like a high-risk tech asset — felt it at once.
Two wounds inside crypto itself were already open. US spot Bitcoin exchange-traded funds have now logged five straight sessions of withdrawals, about $1.44 billion in total. And MSCI confirmed this week that it will remove Strategy, the biggest corporate holder of Bitcoin, from its global indexes after the November 30 close — a decision that weakens one of the market’s largest steady buyers. Glassnode data showed something else too: the supply of stablecoins, the digital dollars traders use to buy crypto, shrank by $14.2 billion in 30 days, the sharpest contraction since June 2022.
Fear is back
One number captures the mood. The crypto Fear and Greed Index has fallen to 20 — deep in “extreme fear” territory — from 28 a day earlier.
It matters because crypto runs on confidence as much as on anything else. Leveraged traders are being wiped out in the hundreds of millions. Other traders step back. Prices fall further. Breaking that cycle usually takes a calm macro backdrop or a piece of genuinely good news. Neither is in sight this morning.
What happens next rests heavily on data due later today. The US Producer Price Index for October lands at 18:30 Pakistan time. A hot reading would strengthen the case for a December rate rise — bad news for Bitcoin. A cooler one could give the market room to breathe. Analysts quoted in Friday’s coverage put the near-term range at roughly $67,500 to $70,000, with the 200-week average near $67,900 as the next line traders are watching.
None of this settles Bitcoin’s long-term future. The coin has fallen 45% from its peak before and come back. It has also stayed down for months at a time. What Friday shows, clearly, is how fast a market built on borrowed money can fall when the dollar rises, rates look higher for longer, and the buyers step away all at once.
For anyone watching from Pakistan, the lesson is simpler than the charts. Crypto’s biggest moves rarely come from crypto itself. They come from the dollar, from interest rates, and from Washington. This week, all three pointed the same way.
Sources: CoinDesk, November 13, 2026; CoinGecko market data, November 13, 2026; CoinGlass liquidation data, November 13, 2026; Crypto Times, November 13, 2026; FinanceFeeds, November 13, 2026; KuCoin Crypto Daily Market Report, November 13, 2026.
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