Bitcoin falls below $69,000, hits 12-week low as ETF outflows and Fed rate fears weigh

Bitcoin plunged to a 12-week low on November 13, falling under $69,000 as renewed concerns over U.S. inflation and the potential for upcoming Federal Reserve rate hikes pressured the market. The sharp decline marked a reversal of much of Bitcoin’s earlier summer gains, with outflows from spot Bitcoin ETFs and a surge in liquidations accelerating the downturn. The market downturn accelerated across November 12 and 13. Bitcoin dropped to $71,200 on November 12, its lowest since late August. By 12:10 a.m. ET on November 13, the price had slipped to $68,408, down 7% in 24 hours.