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News · Nov 13, 2026 · 5 min read

Bitcoin today: under $69,000 after Nvidia's Huang resigns, $1.3 billion of longs liquidated

Bitcoin fell 7% in a day to its lowest since August after Nvidia's founder resigned as chief executive with no reason given, a December rate rise firmed up and $1.3 billion of leveraged longs were force-closed. The network's difficulty cut lands today at about 8%, and one BTC still costs about $19,500 to make on the best machine in stock.

Firsthand card: "Bitcoin today: under $69,000 after Nvidia's Huang resigns, $1.3 billion of longs liquidated"

Bitcoin fell through $70,000 overnight, its lowest since 20 August

Bitcoin lost $72,000 during Thursday's US session and broke $70,000 in late-morning Asian trading, The Block reports, and was at $68,408 shortly after midnight New York time, down 7% in 24 hours and its lowest since 20 August. Ether fell 6% to $1,921. Our own price chart has bitcoin at $68,631 this morning, against a close of $73,931 on 12 November and $86,488 on 5 October, the high of the autumn.

The fall ran on leverage. Futures exchanges force-closed $1.47 billion of crypto positions in 24 hours, $1.31 billion of them longs, across 175,299 traders, according to CoinGlass figures cited by The Block; $798 million of that came in four hours. On our own liquidations chart, which counts bitcoin positions only, $259 million of longs were closed on 12 November and $612 million so far today, the largest day for longs since the $802 million of 2 June. The Fear & Greed Index reads 20 this morning, down from 28 yesterday.

The move had started during Thursday. The Block reported on Thursday afternoon that bitcoin had dropped as low as $71,200, its lowest in nearly twelve weeks, with more than $634 million of longs already liquidated in the 24 hours to then.

Chart: Bitcoin futures positions force-closed each day: longs below the line, shorts above. Today's bar is the largest for longs since 2 June, and the day is not over. Open the chart

Nvidia's founder resigned with immediate effect, and gave no reason

Nvidia filed an 8-K with the SEC on 12 November saying that "Jensen Huang has resigned as President, Chief Executive Officer, and a member of the Board, effective immediately." Colette Kress, the chief financial officer, is interim chief executive, and the board appointed Harvey C. Jones as its first-ever chair. The filing gives no reason for the resignation and keeps the third-quarter results on 17 November. The Block reports that the company had opened an investigation into Huang's relationship with a woman US officials suspect of passing information to Beijing; the filing does not mention it.

The shares opened 12% lower on Thursday, The Block says, and CoinDesk's live coverage has them down as much as 14% during the day before recovering to about 5% lower by late morning, with Broadcom and AMD each up about 5%. The wider market shrugged: by late morning the Nasdaq 100 was about flat and the S&P 500 up 0.15%. Bitcoin did not shrug. It was the asset that kept falling after the stock market had steadied, which says more about the leverage in it than about Nvidia.

A December rate rise is priced at 94%, with the 10-year above 5%

Behind the Nvidia story the rate story has not moved. CoinDesk's coverage put the market-implied probability of a quarter-point rise at the Federal Reserve's 9 December meeting at 94% on Thursday, with the 10-year Treasury yield above 5%, the two-year up to 4.80% and the dollar index above 103. Our Treasury yields chart last recorded the 10-year at 4.98% on 10 November, up from 4.84% on 5 November.

The Block's Friday piece says traders are now watching for a half-point move rather than a quarter, with the next inflation reading, the PCE index, due late in the month, and the Fed's rate projections on 9 December. Gold fell 3% to $3,868 an ounce on Thursday, its lowest since September 2025, according to CoinDesk, so the selling was not confined to bitcoin.

The ETFs lost another $300 million, eight outflows in nine days

The US spot bitcoin ETFs lost about $300 million on Wednesday, CoinDesk reports, with BlackRock's IBIT accounting for nearly $270 million of it and Grayscale's GBTC $39 million; Morgan Stanley's fund was the only one to take money in, about $9 million. Our flows chart records a net outflow of $299.8 million for 11 November.

That makes eight net outflows in the nine trading days since 30 October, $2.52 billion in all. The funds held 1,276,770 bitcoin on 12 November on our holdings chart, about 72,000 fewer than their record of 1,348,977 on 13 October 2025. CoinDesk cites a Glassnode estimate that the average ETF buyer's cost is about $81,500, so the average fund buyer is under water at this morning's price.

Chart: Net flow into the US spot bitcoin ETFs each trading day since September. Eight of the last nine days are red. Open the chart

Visa adds Western Union's dollar token to its settlement network

Visa said this week that it and eligible partners can now settle VisaNet obligations in USDPT, the dollar stablecoin Western Union launched on Solana in May, The Block reports. Anchorage Digital Bank issues the token, and Visa and Anchorage are building a framework to consider further Anchorage-issued stablecoins. Visa reported an annualised stablecoin settlement run rate of $20 billion in September, more than fifteen times a year earlier.

Nathan McCauley, Anchorage's chief executive, told The Block that institutions "need a regulated institution behind the money." A card network settling in a bank-issued dollar token is a payments story rather than a mining one. It matters to a miner only as another sign that the largest payment companies are building on public blockchains rather than against them.

Hashrate is below 1,000 EH/s and the difficulty cut lands today

The seven-day average of network hashrate on our hashrate chart is 930 EH/s this morning, 14% below its 27 October level of 1,081 EH/s, and CoinDesk noted on Thursday that the raw reading had fallen below one zettahash. With 105 blocks left in the period, our estimate for today's difficulty reset is a cut of 8.4%, which would be the third-largest since the 2021 China ban. We set out the whole pattern, three such falls in 2026 and what each cut paid the machines that stayed on, in today's data piece.

In bitcoin terms a petahash earns 0.000427 BTC a day today; after an 8.4% cut it earns about 9% more. In dollars, hashprice is about $29.32 per petahash per day this morning, down from $31.58 on 12 November and above June's low of $27.74.

What it means for miners

A 7% fall in the price is a 7% fall in what a petahash earns in dollars, and the difficulty cut landing today gives about 9% of that back in bitcoin. For a miner who keeps the BTC the two moves point the same way: more bitcoin per machine from tonight, mined at a price a fifth below October's.

On the most efficient machine in stock, the Antminer S23 XP Hyd at 8.9 J/TH, a bitcoin costs about $19,500 of electricity to make at our Nigeria site at today's hashprice, against about $68,600 to buy one this morning: 28% of the price, and lower again after the cut. The machines that caused the cut by switching off were the oldest ones on ordinary power, which never had that margin. Earnings are not guaranteed, and these figures hold today's conditions flat.

Sources and further reading

Disclosure

Firsthand Bitcoin sells and hosts mining hardware, including this machine. No manufacturer, distributor or affiliate programme paid for or reviewed this page and we take no commission on the links above. Historical figures are computed from daily bitcoin price and network hashprice, each day valued at its own prices. Nothing here is investment advice.