Key Notes
- Bitcoin traded near $68,700 at 08:12 UTC after exchange data recorded lows near $67,500.
- Ether fell below $1,950, Solana below $80 and XRP briefly below $1 before recovering.
- About $1.14 billion in Bitcoin and ether long positions were liquidated over the preceding 24 hours.
Bitcoin fell below $69,000 on Friday as a fresh wave of selling swept cryptocurrency markets. Ether dropped through $1,950, Solana slipped below $80 and XRP briefly traded below $1.01, extending a decline that has gathered pace since this week’s US inflation report.
At 08:12 UTC on November 13, Coinbase showed Bitcoin near $68,708 and ether around $1,936. Solana traded at $79.97, while XRP had recovered to approximately $1.029. Kraken’s dollar markets showed similar prices across all four assets.
Bitcoin Recovers From a Low Near $67,500
The latest quotes followed deeper losses earlier in the trading session. Bitcoin’s rolling 24-hour low was $67,555 on Coinbase and $67,500 on Kraken, placing the day’s weakest trading well below the $69,000 threshold.
Ether touched $1,894 on Coinbase, while Solana reached $77.86. XRP fell to $0.9961, briefly losing the $1 mark before regaining it. The recovery left each asset above its low, although all four remained below their 24-hour opening levels.
Bitcoin was down approximately 6.5% against Coinbase’s 24-hour opening price. Ether had lost about 5.5%, Solana 3.5% and XRP 1.5%. The uneven declines show that the broad retreat was accompanied by substantial differences in performance among major tokens.
The move extends Thursday’s decline, when Bitcoin traded near $71,400 after breaking below $71,800. Friday’s morning quote was roughly 3.8% below that earlier reading.
Bitcoin had already fallen through $74,000 in the post-CPI selloff on November 10, before selling resumed later in the week.
Leveraged Long Positions Take the Heaviest Losses
CoinGlass data checked at 08:13 UTC showed approximately $876.2 million in Bitcoin long liquidations over the preceding 24 hours, alongside $259 million in ether longs. Together, those bullish positions accounted for about $1.14 billion in forced closures.
Short liquidations in the same two assets totaled approximately $71.1 million. Solana and XRP long positions added a further $55.5 million and $19.8 million, respectively, underlining the pressure on traders positioned for a rebound.
Exchanges liquidate leveraged positions when collateral no longer covers the required margin. Closing bullish bets can add selling pressure during a falling market, making the derivatives unwind an additional source of volatility alongside spot trading.
Inflation Keeps Interest Rates in Focus
The selloff follows Tuesday’s inflation report, which showed US consumer prices rising 0.4% in October after September’s 0.6% increase. Core prices, excluding food and energy, rose 0.3%, matching their pace in September and August.
Before that release, Federal Reserve Governor Christopher Waller said in a Tuesday speech that he leaned toward a quarter-point December rate increase. He said a half-point move should be considered if monthly core inflation remained around 0.3% or higher.
That is Waller’s individual position, with the committee’s decision still ahead. Higher borrowing costs would keep pressure on speculative investments as crypto traders contend with falling spot prices and the liquidation of leveraged bets.
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