Bitcoin falls below $70,000 to 69,961.523438 USDT in November 13 snapshot
Key Facts
Bitcoin fell below 70,000 USDT in a snapshot at 03:11 UTC on November 13, recording 69,961.523438 USDT, down 5.20% over 24 hours, according to Binance market data. The reading put the leading cryptocurrency below $70,000 at that point in the session. Binance had confirmed in another snapshot at 03:51 UTC that Bitcoin was trading at 68,975.9375 USDT, down 6.50% over 24 hours. The two snapshots show trading remained below the psychological level during the session, with the recorded price and change differing between the two times. This coincided with continued pressure linked to U.S. interest-rate expectations and outflows from spot Bitcoin funds.
Fund data provide a picture of flows in previous days: U.S. spot Bitcoin funds recorded net outflows of $299.8 million on November 11, according to CoinClass data. The previous day, net outflows totaled $95 million. The figures put the November 11 session above November 10 in terms of net withdrawals, without determining on their own the total flows over a longer period. The figures come amid weak demand for the funds, but relate to November 10 and 11 and do not represent flows on November 13. This separation in timing allows the withdrawals to be read as prior context for Bitcoin’s subsequent moves in the snapshots.
Reuters linked weakness in the cryptocurrency market in a report published on November 12 to U.S. inflation data that prompted markets to raise their expectations for further Federal Reserve interest-rate increases. The news agency said the increases could come as early as December. This explanation places moves in crypto assets within a repricing of monetary-policy expectations, as interest-rate expectations affect investors’ appetite for higher-risk assets. Reuters also reported that MSCI confirmed the removal of Strategy, Metaplanet and Yellow Cake from the MSCI USA and MSCI World indexes. The agency set December 1 as the effective date of the removal, making the decision a near-term development relevant to the companies’ shares.
Reuters cited Strategy as having previously warned that its exclusion could trigger $2.8 billion in stock liquidations. The figure remains the company’s estimate of the potential impact of exclusion, not a liquidation value that has already been realized. Strategy is mentioned in the broader context of market pressures that included interest-rate expectations and the MSCI decision, while Bitcoin’s price reading on November 13 remains the direct session development. In economic data, the U.S. Bureau of Labor Statistics had scheduled the release of the October Producer Price Index for November 13 at 08:30 a.m. Eastern Time. Before the October reading, the latest available figure for the index showed final demand prices rising 1.3% in September and 6.3% over the twelve months ending that month.