Bitcoin's sell-off accelerated on Friday, November 13, as the leading cryptocurrency fell below $68,000, dragging major altcoins lower.
The downturn triggered $1.65 billion in crypto liquidations over the last 24 hours, according to data from CoinGlass. The largest single liquidation occurred on Hyperliquid in a BTC-USD position, valued at $31.09 million.
Bitcoin briefly declined below $68,000, its lowest level since August 19, before recovering to around $70,000 as of press time. The asset has now lost approximately 17% this quarter, reversing much of its gains from the preceding 3 months.
$SOL dropped below $80, falling from $83 to approximately $78. Ethereum also fell below $2,000 for the first time since August, while XRP approached $1. Zcash fell below $900, declining over 25% in the past week. The token also lost its position among the top 10 cryptocurrencies by market cap to Hyperliquid's $HYPE.
Stronger Dollar and Macroeconomic Fears Pressure Crypto
The sell-off coincided with a sharp rise in the U.S. Dollar Index (DXY), which climbed above 103 to its highest level since April 2025.
The index has gained nearly 2% since early October as markets increasingly anticipate further Federal Reserve rate hikes. Expectations for a 0.5% increase in December strengthened following hotter-than-expected U.S. CPI data for October.
Higher interest rate expectations typically pressure liquidity-sensitive assets, including cryptocurrencies and technology stocks. Meanwhile, the stock market reacted to controversy surrounding Nvidia CEO Jensen Huang, adding to uncertainty across technology and artificial intelligence sectors.
Crypto Sentiment Falls Into Extreme Fear
The market downturn has triggered a significant deterioration in investor sentiment. CoinMarketCap’s Crypto Fear & Greed Index fell to 20 on Friday, indicating a fearful sentiment. Any lower and sentiment drops into ‘Extreme Fear’. The index last recorded this level in July.
On the institutional side, U.S. spot Bitcoin ETFs are officially underwater in 2026 with $1.56 billion in cumulative net outflows YTD, according to SoSoValue data. The funds have lost $643.6 million so far this week, following $1.28 billion in outflows the previous week and another $202.6 million the week before.
Solana ETFs on the other hand also continued the streak of outflows, posting $1.92 million in net outflows on November 12. The funds have seen $28.97 in outflows this week so far, marking a sixth consecutive week of net outflows.
Trump Names New SEC and CFTC Nominees
U.S. President Donald Trump has nominated 4 individuals for potential positions at the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), marking his first nominations to the agencies in approximately 1 year.
Trump recommended former CFTC Commissioner Kristin Johnson and attorney Steven Levine for the SEC, alongside Nathan Anonick and Matthew Rowland for the CFTC.
Both agencies oversee significant parts of the U.S. financial markets and have been run by less than the maximum number of 5 commissioners each since Trump returned to office in January 2025. The latest nominations could help restore their leadership capacity as regulatory oversight of the cryptocurrency industry continues to evolve.
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