Bitcoin (BTC) traded below $70,000 and fell nearly $68,000 on Friday, November 13, its lowest level since August 19, as the U.S. dollar held near a 19-month high.
Ethereum (ETH) fell below $2,000 for the first time since August, while Solana (SOL) traded around $80.
According to CoinGlass, total liquidations were $1.64 billion in the past 24 hours. Bitcoin accounted for $915.50 million. Exchanges liquidate leveraged trades when traders run short of collateral.
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Rate hike bets lift the dollar
The selloff gathered pace as the Dollar Index (DXY) traded above 103, CoinDesk reported.
Meanwhile, the 10-year U.S. Treasury yield reached 5.14% early Friday, Reuters reported. Higher yields can draw investors toward bonds and away from riskier assets such as Bitcoin.
The U.S. Bureau of Labor Statistics reported a 0.4% monthly rise in October consumer prices, above the 0.3% forecast.
CME FedWatch showed a 14.5% chance of a half-point December hike, up from zero a week earlier. Traders still favored a quarter-point hike, Reuters reported.
Media reports have indicated renewed escalation in the Middle East. Iran’s Revolutionary Guards (IRGC) said they targeted a U.S. early-warning radar in Bahrain.
U.S. spot bitcoin exchange-traded funds (ETFs) saw $1.44 billion in net outflows over five sessions through Wednesday, according to Farside Investors. Its preliminary tally showed $47.7 million in outflows on Thursday.
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