The crypto market ended Thursday night with its steepest daily loss in weeks. At 07:30 UTC on November 13, 2026, bitcoin traded at about $69,000, down a little over 6% in 24 hours, after touc
The crypto market ended Thursday night with its steepest daily loss in weeks. At 07:30 UTC on November 13, 2026, bitcoin traded at about $69,000, down a little over 6% in 24 hours, after touching an intraday low of $67,922 according to CoinGecko. Total crypto market capitalization fell about 7% over the same period to roughly $2.35 trillion. If you are asking why is crypto down today, our running explainer tracks every sell-off of the year.
This crypto news roundup sets out what is driving the move: forced selling of leveraged positions, outflows from US spot bitcoin ETFs, a strong dollar with rising Treasury yields, and thin order books. Our first report with key price levels is Bitcoin price falls below $70,000.
Losses run through the large caps, but not evenly. As of 07:30 UTC, per CoinGecko data:
XRP and Solana fell less than bitcoin and ether over the past day, but both had already lost more earlier in the week: over seven days XRP is down a little over 14% and Solana just over 10%, per CoinGecko. For medium-term scenarios, see our bitcoin price prediction and ethereum price prediction.
A liquidation is the forced closing of a leveraged position by an exchange once the posted collateral no longer covers it. Based on CoinGlass data analysed by CoinDesk early Friday, more than $1.3 billion in crypto futures were liquidated within 24 hours, about $677 million of them on bitcoin. The largest single liquidation was a long bitcoin position worth more than $31 million on Hyperliquid, according to the same report.
Because CoinGlass uses a rolling 24-hour window, totals depend on when they are captured. Later snapshots reported by KuCoin News and Bloomingbit reached up to $1.62 billion. The defensible range is therefore $1.3 billion to $1.6 billion, most of it from traders who had bet on rising prices.
Each forced liquidation pushes the price lower and can tip the next position past its margin limit.
The second driver is US fund flows. According to Cointelegraph, BlackRock's IBIT recorded more than $2 billion in net outflows over nine consecutive sessions through Wednesday. Across all US spot bitcoin ETFs, nearly $1.44 billion left over five sessions. Preliminary Farside data showed a further $47.7 million in net outflows on Thursday, with BlackRock and Fidelity figures still pending.
A spot ETF holds actual bitcoin as backing. When investors redeem shares, the fund generally has to sell bitcoin, which adds to the pressure from liquidations.
CoinDesk points to a strong US dollar: the Dollar Index rose above 103, its highest since April 2025. After a hotter-than-expected October CPI reading, markets also raised the odds of a Federal Reserve rate hike in December. Per Cointelegraph, data from 10x Research show bitcoin fell 5.9% between November 5 and 12, while the 10-year Treasury yield climbed above 5%.
Order book depth measures how many buy and sell orders sit close to the current price. The thinner it is, the further a large sale moves the market. According to Talos, cited by Cointelegraph, bitcoin order book depth across major exchanges stood at $72 million on November 9, roughly 33% below normal. Talos senior research associate Tanay Ved said liquidity remains thin while leverage stays elevated, leaving the market vulnerable to sharp moves in either direction.
With few resting orders, even medium-sized sales trigger large price jumps.
Sentiment matches the price action. The Crypto Fear and Greed Index from alternative.me reads 20 on Friday, which is "Extreme Fear", down from 28 the day before. Cointelegraph notes this is the lowest reading since July 8. How the market behaved after earlier spells of extreme fear is covered in our Fear and Greed Index history. A low reading describes the mood; on its own it does not predict whether prices fall further or turn.
CoinDesk also reported that the overnight sell-off accelerated on news of renewed military escalation in the Middle East. WTI crude traded around $88.
For readers in the United States, the IRS treats digital assets as property, so a sale at a loss is a capital loss that you report on your return. In the United Kingdom, the FCA warns that crypto is largely unregulated, that all cryptoassets are high risk, and that investors should be prepared to lose all their money. If you want to act during a sell-off, a regulated, well-capitalised trading venue is the starting point; our exchange comparison lists fees, licences and custody models.
Keeping records matters most in a volatile week: purchase date and cost basis of every position decide what you can claim later. A crypto tax software keeps that history for you.
Leverage is the third point. The liquidations of the past night show how quickly leveraged positions are closed in a thin market. Vikram Subburaj, CEO of the Indian exchange Giottus, advised investors via Cointelegraph to avoid chasing short-term dips or using excessive leverage.
(As of November 13, 2026. This article is not investment advice. Prices and fee models change; check the terms with the provider before every purchase.)
