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AI summary of a third-party reportBearishNewsDesk

Bitcoin falls below $69,000 as HashKey's Tim Sun cites concentrated liquidation

Bitcoin dropped 5.6% to about $69,300, its lowest since mid-August, as leveraged longs were liquidated and demand from ETFs, stablecoins and treasury firms weakened, HashKey's Tim Sun told Decrypt.

InvestIn.News NewsDesk · 1 min read
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Picture from Decrypt for: Bitcoin falls below $69,000 as HashKey's Tim Sun cites concentrated liquidation
Image: Decrypt
Original reporting: Ryan Gladwin, Decrypt

Key points

  • Bitcoin hit a 24-hour low of $67,922, down 5.6% on the day, its weakest level since mid-August.
  • US spot Bitcoin ETFs logged six straight days of net outflows, according to CoinGlass.

Bitcoin fell below $69,000 on 13 November, a drop of 5.6% that took it to about $69,300 and a 24-hour low of $67,922, its weakest level since mid-August, Decrypt reports. Tim Sun, a senior analyst at HashKey, told the outlet that the move was set off by a concentrated liquidation of leveraged long positions, though he said the deeper problem is steadily weakening demand.

The fall followed US consumer price index data that James Butterfill, head of research at CoinShares, called hotter than expected. October CPI rose 0.4%, down from September's 0.6%, but core CPI climbed 0.3% and services excluding rent rose 0.5%.

Sun also linked the slide to Nvidia chief executive Jensen Huang resigning from the company, which he said sparked severe volatility across tech stocks and further dampened risk appetite.

Read the full story on Decrypt

Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Decrypt’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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