Bitcoin, Altcoins Slide in Tandem; Bitcoin Falls to $66,600

Bitcoin at $66,600

Ether below $1,900, XRP under $1

Bitcoin fell below $67,000, with Ether, XRP and Solana also surrendering key price levels one after another. Selling persisted across the cryptocurrency market as concerns over higher U.S. interest rates coincided with institutional outflows.

On Nov. 13, Bitcoin traded near $67,000 on Binance's Tether (USDT) market, down about 2% from 24 hours earlier. Over the previous 24 hours, it fell as low as about $66,600, the weakest level since Aug. 19.

Ether also dropped about 2% to trade in the $1,890 range. It briefly fell to about $1,880, slipping below the $1,900 mark. XRP lost about 1% and traded below $1. Solana dipped under $75 during the session before paring some of its losses, but it still remained about 4% lower than 24 hours earlier.

The sharp decline also triggered liquidations in derivatives positions. More than $330 million worth of positions were liquidated across the crypto market over the latest two hours that day.

Stronger-than-expected U.S. inflation heightened concerns about tighter monetary policy. Rising Treasury yields and a stronger dollar, fueled by expectations for higher rates, are weighing on risk assets such as Bitcoin. A management reshuffle at Nvidia and volatility in AI-related stocks were also cited as factors damping investor sentiment.

Institutional buying has also weakened. Bloomberg reported that more than $2.5 billion in net outflows had hit U.S. spot Bitcoin exchange-traded funds from Oct. 30 through the time of the report on Nov. 13. Jeff Mei, chief operating officer at BTSE, said Bitcoin and other cryptocurrencies could fall further if the Federal Reserve delivers a 50-basis-point rate increase instead of the expected 25-basis-point move.