Bitcoin fell below $70,000 early Friday for the first time since August, and the slide kept going into the afternoon as investors pulled back from risky assets across the board.
The cryptocurrency dropped to its lowest level since Aug. 19 and traded near $69,000 overnight, CoinDesk reported. By midday Friday, Yahoo Finance’s market data showed bitcoin around $68,500, down roughly 4.7% on the day and more than 10% so far in November. CoinDesk said bitcoin is down about 17% this quarter, erasing much of the rally from the prior three months.
Ether, the second-largest cryptocurrency, fell below $2,000 for the first time since August and traded near $1,949, according to CoinDesk. XRP hovered close to $1 and Solana slipped under $80.
Forced selling made it worse
Much of the drop came from traders who had borrowed to bet on higher prices. When prices fall, exchanges automatically close those positions, which can push prices lower still. Exchanges liquidated more than $1.3 billion in crypto futures positions over 24 hours, with bitcoin accounting for $677 million of that, CoinDesk reported, citing data from Coinglass. Nearly $500 million was wiped out as bitcoin crossed below $70,000.
What is driving the sell-off
CoinDesk pointed to a stronger U.S. dollar, with the Dollar Index above 103 for the first time since April 2025, and rising odds that the Federal Reserve will raise interest rates in December after hotter inflation readings. Higher rates tend to make assets that pay no interest, like bitcoin, less attractive.
The crypto drop is also happening alongside a wider pullback in technology stocks. Chipmakers sank again Friday after the shock resignation of Nvidia chief executive Jensen Huang, and the Nasdaq was down more than 1% in midday trading, Yahoo Finance reported. Tensions in the Middle East, including Iran’s claim that it struck a U.S. radar site in Bahrain, added to the nervous mood. The U.S. said there was no damage.
Upstormed News has been following the turbulence in tech, including Congress’s push to tighten China’s access to AI chips after the Nvidia shake-up and last week’s steep Nasdaq drop.
Why people are talking about it
Bitcoin has become a kind of mood ring for risk-taking. When investors feel confident, it often rises with tech stocks; when fear spreads, it can fall faster than most assets. The break below a round number like $70,000 got extra attention on social media and in financial news because many traders watch those levels closely.
Why it matters for families
- Crypto prices can swing sharply in a single day. A 4% to 5% daily move, like Friday’s, is not unusual.
- Leverage, or borrowing to trade, can turn a price dip into a total loss. Friday’s liquidations show how quickly that happens.
- This is general information, not investment advice. Anyone considering crypto should understand the risks and talk with a licensed financial professional.
- Watch out for scams that use market swings to pressure people into “buying the dip” through unknown apps or messages.
What to watch next
Investors are watching next week’s Nvidia earnings report, the Federal Reserve’s Dec. 8-9 meeting and the direction of the dollar and bond yields. Upstormed News will keep following the market.
Read more: Google’s first AI glasses open for preorder, starting at $395
Do you or anyone in your family own cryptocurrency? How do you handle big swings like this? Share your thoughts in the comments.
Sources: CoinDesk, “Bitcoin dips below $70,000 as sell-off gathers pace” (Nov. 13, 2026); Yahoo Finance, “Stock market today” live coverage (Nov. 13, 2026); TheStreet, “Stock Market Today” (Nov. 13, 2026)
Leave a Reply