Bitcoin price today: below $69,000 as $1.4bn of bets are wiped out
Bitcoin fell over 6% on Friday as Nvidia's slide and a strong dollar hit risky assets. What drove it, how PSX is holding up, and the levels traders watch.
Bitcoin dropped below $69,000 on Friday, 13 November, as the sell-off in AI stocks spread to crypto. CoinGecko data showed it at about $69,000 in the afternoon (Pakistan time), down a little over 6% in 24 hours, after touching $67,922.
Only a week ago it was trading near $76,000.
Why is Bitcoin falling?
Three things hit at once.
The Nvidia shock. Jensen Huang’s resignation as Nvidia chief on Thursday knocked chip and AI stocks, and crypto followed. Crypto Briefing reported Bitcoin fell below $72,000 on Thursday morning as Nvidia shares tumbled nearly 10% before the US open. Nvidia is now on course for a sixth straight weekly loss, its longest losing run since 2012, CNBC reported, with about $1.6 trillion of market value gone since October.
Forced selling. Traders who borrowed to bet on higher prices were wiped out. CryptoTimes counted $1.41 billion of liquidations in 24 hours, 89% of them long positions; other trackers put the figure between $1.2 billion and $1.3 billion. When those positions are closed automatically, they push the price down further.
Money leaving ETFs and a strong dollar. US spot Bitcoin funds have seen about $1.92 billion flow out so far in November, according to SoSoValue data cited by Analytics Insight. The US dollar is near a 19-month high on bets the Federal Reserve could raise rates, which makes assets like Bitcoin less attractive.
What about Wall Street and PSX?
In the US, Nvidia closed down 4.3% on Thursday and is down about 11% this week. The worry is no longer only about one company: investors are asking whether the huge sums spent on AI data centres will pay off.
Pakistan’s market has been calmer. The KSE-100 lost 1,710 points (0.95%) on Thursday to close at 177,373.76, Business Recorder and Daily Times reported, but it was trading slightly higher on Friday morning, helped by buying in banks, oil and gas explorers and refineries.
Gold also fell this week. The Sarafa Association cut the 24-karat rate by Rs10,900 to Rs416,536 a tola on Thursday. Our gold rate page has the latest.
Levels traders are watching
Analysts quoted by crypto outlets point to $68,000 as the first level where many leveraged positions sit, and $65,000 below that. These are traders’ reference points, not predictions.
For Pakistani crypto holders
Crypto trading rules in Pakistan are still being set by the Pakistan Virtual Assets Regulatory Authority (PVARA), and there is no local investor protection if an overseas exchange fails. In a fast fall, borrowed (leveraged) positions are the ones that get wiped out first.
This is information, not investment advice.
The next big moment for both markets is Tuesday, 17 November, when Nvidia reports its quarterly results.
