Bitcoin Just Fell Below $70,000. Here’s What’s Driving It
Bitcoin was built to sit outside the traditional financial system. This week it traded like the most rate-sensitive tech stock on the Nasdaq. On 13 November it fell below $70,000 for the first time since August, and the trigger was not a hack, a ban or an exchange collapse. It was the bond market.
The short answer
Bitcoin fell below $70,000 on 13 November 2026 because interest-rate expectations jumped. Wholesale prices rose 6.5% over the year to October, the 10-year Treasury yield climbed to 5.15%, and markets now expect a December Fed hike. Leveraged traders were then forced to sell, with about $1.65 billion of crypto positions liquidated in 24 hours.
Bitcoin’s drop: the key numbers
Measure | Figure | Source |
First trade below $70,000 | Hour after 9 p.m. ET, Nov 12 (02:00 UTC Nov 13) | Unchained via Yahoo Finance (Coinbase data) |
Low on Coinbase | $67,555 | Unchained via Yahoo Finance |
Fall from Oct 21 close ($84,012) | About 20% to the low | Yahoo Finance; Page 21 calculation |
Crypto liquidations, 24 hours | About $1.65B, 88.9% longs | CoinGlass via Unchained |
10-year Treasury yield, Nov 13 | 5.15% (4.88% on Nov 9) | U.S. Treasury |
October PPI | +0.3% month, +6.5% year | BLS |
Fed funds target range | 3.75% to 4% (held Oct 28) | Federal Reserve |
What happened to inflation this week?
Two inflation reports landed in four days. The consumer price index rose 0.4% in October and core prices 0.3%, both above forecasts, CNBC reported. Then on 13 November the Bureau of Labor Statistics said the producer price index for final demand rose 0.3% in October and 6.5% over 12 months, the largest rise since November 2022. Goods prices were up 10.2% from a year earlier, according to CNBC.
Fed officials sounded worried. CNBC quoted Chicago Fed President Austan Goolsbee saying inflation is “going the wrong way” in categories not driven by oil or tariffs. The Fed held rates at 3.75% to 4% on 28 October, but two officials, Lisa Cook and Beth Hammack, voted for a hike. By 13 November, CNBC said markets were fully pricing in at least a quarter-point increase at the 8–9 December meeting.
How do higher interest rates push bitcoin down?
Bitcoin pays no interest. Its price depends on what the next buyer will pay. When a 10-year US government bond pays more than 5%, holding something with no income becomes more expensive in what economists call opportunity cost. The safe alternative got better, so investors want a bigger potential reward to keep money in risky assets.
Three other channels add to the pressure:
Leverage. Many traders buy crypto with borrowed money. When prices fall through a level like $70,000, exchanges automatically close losing positions, which means more selling. Unchained said $1.07 billion of liquidations came in just 12 hours around the break.
Fund flows. US spot bitcoin ETFs had net outflows of $1.88 billion in November through 11 November, according to SoSoValue data cited by Unchained. ETFs had been important buyers; when they sell, the market loses a source of demand.
Risk appetite. James Butterfill of CoinShares told Unchained that bitcoin “does not need a direct economic connection to AI to suffer when investors reduce risk across their portfolios.” This week tech stocks were also hit by Nvidia’s CEO change, which The Block cited as a factor.
Page 21 analysis: yields up, bitcoin down, day by day
Date (2026) | 10-year yield | Bitcoin daily close (UTC) |
Nov 9 | 4.88% | $75,223 |
Nov 10 | 4.98% | $73,720 |
Nov 11 | No data (Veterans Day) | $73,964 |
Nov 12 | 5.10% | $71,343 |
Nov 13 | 5.15% | Below $70,000; low $67,555 on Coinbase |
Yields from the U.S. Treasury; bitcoin closes from Yahoo Finance, which had no complete figure for 13 November at the time of writing. Over this window, each step up in yields lined up with a step down in bitcoin. That is a correlation, not proof of cause, but it matches what traders and analysts quoted this week described.
What does this mean if you hold bitcoin?
Page 21 does not give investment advice, but a few general points are worth knowing. First, swings like this are normal for bitcoin: Yahoo Finance data put its 52-week high near $99,800, so it is now roughly a third below that peak. Second, the people forced to sell this week were mostly using leverage; someone who owns coins outright is not liquidated by a price drop. Third, the next big drivers are scheduled: Fed officials’ comments, November inflation data and the Fed’s 8–9 December decision. For what a hike would mean for loans and savings, see our explainer on the December Fed rate hike.
What happens next?
CoinShares’ base case had been a $70,000 to $90,000 range into 2027; Butterfill told Unchained the break below $70,000 “puts the lower end of that view under pressure.” A lasting move back above $90,000, he said, would likely need expectations of easier monetary policy, renewed buying by large holders, or both. With the 10-year yield above 5% and a hike priced in, neither is in place yet.
Bitcoin FAQs
Why did bitcoin fall below $70,000?
Mainly because of interest rates. Hot inflation data pushed the 10-year Treasury yield to 5.15% on 13 November and markets now fully expect a Federal Reserve rate hike in December. Higher safe returns make non-yielding assets like bitcoin less attractive, and the drop below $70,000 forced leveraged traders to sell, which deepened the fall.
When did bitcoin last trade below $70,000?
In August 2026. According to Unchained, writing on Yahoo Finance, bitcoin first traded under $70,000 on Coinbase in the hour after 9 p.m. ET on 12 November (02:00 UTC on 13 November) and touched $67,555. The Block said it was the lowest level since 20 August.
What does the PPI have to do with bitcoin?
The producer price index measures wholesale inflation. The BLS said it rose 0.3% in October and 6.5% from a year earlier, the biggest 12-month rise since November 2022. Hot inflation makes a Fed rate hike more likely, which lifts bond yields and tends to hurt risky assets, including bitcoin.
Is the Federal Reserve going to raise rates in December 2026?
Nothing is decided until the Fed meets on 8 and 9 December. The Fed held its target range at 3.75% to 4% on 28 October, with two officials voting for a hike, and CNBC reported on 13 November that markets were fully pricing in at least a quarter-point increase.
Should I sell my bitcoin?
Page 21 cannot tell you that, and this article is not financial advice. In general, people who hold volatile assets are encouraged to size them so a large fall would not force a sale, to avoid borrowed money, and to speak to a registered adviser about their own situation.
Sources
Related on Page 21
This article is for general information and education only and is not financial or investment advice. Crypto assets are highly volatile and you can lose money. Prices and yields are as of 13–14 November 2026 and change constantly.
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