Bitcoin has fallen back below the $70,000 mark. The decline accelerated as derivatives liquidations piled on top of overlapping headwinds, including U.S.-driven tightening pressures and stock market contraction following the resignation of NVIDIA Chief Executive Officer (CEO) Jensen Huang. Experts generally expect virtual assets to continue fluctuating in response to external variables.
As of 4 p.m. on the 13th (all times Korea Standard Time), Bitcoin was priced at $69,066 on the cryptocurrency market platform CoinMarketCap, down 8.65% from a week earlier. The domestic trading price stood at 93.88 million won on Upbit, 1.71% higher than on Binance.
Ethereum fell 12.90% over the same period, trading at $1,939 at this hour. CoinMarketCap’s “Fear and Greed Index,” which approaches zero as investor sentiment weakens, stood at 19 out of 100 points, indicating a stage of “extreme fear.”
The virtual asset market had been moving sideways during the week before widening its losses on the afternoon of the previous day. Additional selling emerged in the afternoon of the 13th, pushing Bitcoin’s 24-hour decline into the 5% range.
According to data compiled by CoinGlass at this hour, the scale of derivatives liquidations over the past 24 hours reached $1.63 billion (2.1795 trillion won). Long positions accounted for 89.3% of that total.
Kim Ji-won, a researcher at KB Securities, stated, “The U.S. October Consumer Price Index (CPI) came in above expectations, and Federal Reserve (Fed) Governor Christopher Waller mentioned the possibility of a big step (50bp rate hike) (base rate 0.5 percentage point increase) in December, which weighed on sentiment.” She added, “Since recent oil price declines have not yet been reflected in inflation indicators, the key issue is whether the trend in oil prices will alleviate concerns over further tightening.”
She continued, “From the 5th to the 11th (U.S. Eastern Time), there was a net outflow of $1.43 billion (1.9129 trillion won) from Bitcoin exchange-traded funds (ETFs) and $470 million (628.7 billion won) from Ethereum ETFs.” She noted, “While the pace of outflows slowed on some trading days, buying pressure to support a rebound remains weak.”
The altcoin market also continued its cooling period. Among the top 100 stocks by market capitalization compiled by Zangle at 9 a.m. on the 13th, five tokens (Fibers, EtherFi, Midnight, Kite, and Jupiter) posted weekly returns exceeding 10%, an increase of one token from a week earlier.
Kim Jun-seong, a researcher at Zangle, stated, “U.S. inflation came in higher than expected, and combined with volatility in tech stocks, the weakness in Bitcoin and Ethereum continued, with many top-tier altcoins by market capitalization also falling.” He added, “A trend in which major assets rebound together could serve as a signal that strength confined to some tokens is spreading across the broader market.”
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