Bitcoin price falls below $70,000 as higher yields weigh on crypto

What happened. Bitcoin fell below $70,000 on Friday, November 13, for the first time since August. Bloomberg says it dropped as much as 4.4% to $68,297, the lowest since August 19. At 1:05 p.m. in Singapore it traded around $68,500. Asian stocks gave up an earlier tech-led gain and bonds slumped.

The road down. A day earlier, on November 12, bitcoin had already slipped below $73,000: on the Bitstamp exchange it hit $72,641, the lowest since August 20 (dpa-AFX agency via Finanzen.net). In early October it cost more than $85,000. It is down 18% so far this year, and in January it was near $98,000. Bitcoin's market value on November 12 was about $1.5 trillion.

Why rates weigh. Bitcoin pays no interest, so it suffers when rates are high. US inflation for October came in above expectations and raised bets on further rate hikes, Finanzen.net writes. Nick Forster, founder of the options platform Derive.xyz, says this has set the Federal Reserve up for a hike of 25 or even 50 basis points in December. One basis point is 0.01 of a percentage point.

What options show. Last week traders priced a 53% chance of bitcoin finishing above $80,000 by Christmas and 15% for below $70,000. Now it has flipped: 31% for below $70,000 and 26% for above $80,000. This is Derive.xyz data quoted by Forbes. Such odds are read from option prices. They are not a forecast.

Politics. The US midterm results change the picture for the industry: the key congressional committees are likely to be led again by politicians who are more skeptical of digital currencies. Ranim Turfa of Tickmill says that after the Democratic sweep, supportive crypto legislation is a distant prospect, and the near-term direction hinges on macro data.

What comes next. US producer price data is due Friday. Turfa says a hot reading alongside a robust labor market could reinforce expectations of tighter policy and extend ETF outflows, while softer figures could help bitcoin stabilize. Bitcoin has now fallen five weeks in a row. Live price and data for BTC: https://freekonomist.com/crypto/btc/ . What opinion leaders think: https://freekonomist.com/crowd/

Confirmed facts

• On November 13, 2026 bitcoin fell below $70,000 for the first time since August.^[1]
• It fell as much as 4.4% to $68,297, the lowest since August 19; at 1:05 p.m. in Singapore it traded around $68,500.^[1]
• Bloomberg links the drop to inflation and rate concerns; Asian stocks gave up an early gain, bonds slumped, and investors awaited US producer price data.^[1]
• On November 12 bitcoin fell to $72,641 on Bitstamp, the lowest since August 20.^[2]
• In early October bitcoin cost more than $85,000; the trend has been down since, on expectations of further rate hikes by major central banks.^[2]
• US inflation in October came in above expectations; bitcoin pays no interest and suffers from higher rates.^[2]
• The price is down 18% so far this year; in January it was near $98,000.^[2]
• The options market (Derive.xyz) prices a 31% chance of bitcoin finishing below $70,000 by Christmas and 26% above $80,000; a week earlier it was 15% and 53%.^[3]
• Nick Forster says the Fed may hike by 25 or 50 basis points in December; bitcoin has fallen five weeks in a row.^[3]
• US midterm results change the picture for crypto in Congress; Tickmill calls supportive crypto legislation a distant prospect.^[2][3]

Implications

• ConfirmedHigh rates and bond yields weigh on bitcoin because it pays no interest.
• ConfirmedThe options market sees a finish below $70,000 by Christmas as likelier than one above $80,000.
• Our readingThe producer price data could move rate expectations either way, and the price would react. This is our inference.

Still unknown

• What the US producer price data will show.
• What the Fed will decide in December: the sources only describe market expectations.
• Whether the run of five weekly declines will end.

Who it affects

Worldwide. Anyone who holds or follows crypto and US interest rates

Sources

1. Bloomberg: Bitcoin Slips Below $70,000 as Higher Yields Weigh on Crypto November 13, 2026 · media
2. Finanzen.net (dpa-AFX): Bitcoin rutscht unter 73.000 Dollar: Anleger blicken auf Zinsen und Washington November 12, 2026 · media
3. Forbes: Serious Fed Warning Triggers 'Significant' Bitcoin Price Flip November 12, 2026 · media