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🚨 BITCOIN CRASHES BELOW $69,000, NEARLY $500M LIQUIDATED!
$BTC ( ▼ 4.84% ) extended its sell-off on Friday morning (Nov. 13), plunging from $71,000 to below $69,000, its lowest level since the mid-September pump.
The sharp drop triggered nearly $500 MILLION in crypto derivatives liquidations in just ONE HOUR, pushing total liquidations over the past 24 hours above $1.2 BILLION!
Here’s what we got for you today:
👀 BTC CRASHES! Jensen OUT!
⭐ Bitcoin hits 12-week low!
⭐ S&P 500's $1T comeback?
🔥 Burning hot takes for the road
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💥 FRIDAY THE 13TH: BTC CRASHES TO 12-WEEK LOW AS NVIDIA’S 3RD SCANDAL
We woke up to a true Friday the 13th nightmare today. BTC suddenly broke below $69,000, hitting its lowest level in nearly 3 months. It’s a drop of more than 6% in a single day.
The sell-off spread across the entire market, with $ETH ( ▼ 4.86% ), $SOL ( ▼ 4.44% ), $XRP ( ▼ 2.96% ), and other major coins dropping 3% to 5%.
According to CoinGlass, over $1.23 billion in crypto positions were liquidated in the past 24 hours, with long (buy) positions taking more than $1B of those losses. Nearly $500 million was wiped out in just the last hour alone.
1/ Jensen Huang Steps Down Amid Scandal
The biggest shockwave came on November 12, when Nvidia announced that co-founder Jensen Huang resigned immediately as Chairman, CEO, and board member, ending his 33-year run leading the company.
CFO Colette Kress (who joined in 2013) was named interim CEO while keeping her CFO role as the board searches inside and outside the company for a permanent replacement.
Harvey C. Jones (former Synopsys CEO/Chairman and an Nvidia board member since 1993) was appointed as Nvidia's first Chairman of the Board.
Nvidia stated its business operations, customer commitments, and product roadmap remain on track, and kept its Q3 FY2027 earnings report scheduled for November 17.
Nvidia stock (NVDA) plunged nearly 15% before recovering somewhat to close down 4.3%. According to Reuters, retail investors bought a record $111 million worth of NVDA shares in just the first 30 minutes of trading.
Despite stepping down, Huang remains Nvidia's largest shareholder with roughly a 3.6% stake. Without a clear succession plan, investors are questioning if Nvidia can keep its dominance in AI chips.
Big reactions:
U.S. President Donald Trump posted on Truth Social suggesting former Apple CEO Tim Cook should take over.
Coinbase CEO Brian Armstrong told CNBC he was sad to see the news and expressed deep respect for what Huang built.
Binance founder Changpeng Zhao (CZ) called letting Huang resign a "mistake."
2/ Extra Selling Pressure: MSCI Cuts Strategy & ETF Outflows Mount
The Nvidia chaos hit a crypto market that was already struggling with two major institutional headwinds:
First, MSCI Kicks Out Strategy & Metaplanet:
Index provider MSCI is removing Strategy from the MSCI USA Index and cutting Metaplanet from the MSCI Japan Small Cap Index.
MSCI made the move after reviewing companies seen as lacking real operating businesses.
Passive funds tracking MSCI will be forced to sell Strategy (MSTR) shares. JPMorgan previously estimated this could trigger around $2.8 billion in selling pressure.
→ Strategy downplayed the impact, noting MSCI-tracking funds hold about 13 million MSTR shares. While this doesn't force Strategy to sell its Bitcoin, it could make it harder for crypto treasury companies to raise money.
Second, Spot Bitcoin ETFs Bleed Over $1.5 Billion:
U.S. spot Bitcoin ETFs have seen 6 straight days of outflows through November 12, losing more than $1.5 billion in total.
BlackRock's iShares Bitcoin Trust (IBIT) took the hardest hit, losing $269.7 million on November 11, its 9th consecutive day of outflows.
OTC trader Jasper De Maere noted that Bitcoin tested the $73,000 zone without enough buyers to stop the slide, warning that major cryptos need steady, multi-day ETF inflows before the market can recover.
Finally, Macro & Stock Market Pressure:
U.S. stocks closed in the red on November 12 following the Nvidia news: Nasdaq (-0.39%), S&P 500 (-0.35%), and Dow Jones (-0.36%).
Meanwhile, the 10-year U.S. Treasury yield climbed past 5% and Brent crude oil jumped 3.3% to $95.82/barrel, deepening fears around inflation and Federal Reserve interest rate policy.
Watch November 17 (Nvidia earnings) and ETF flow reversals closely, guys!
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📈 BUT S&P 500 RECOVERS $1T IN 90 MINUTES DESPITE NVIDIA CRASH?
What a wild day on Wall Street. The S&P 500 looked ready for a massive drop on Thursday after Nvidia lost a shocking $600 billion in market value.
Right at the opening bell, the index fell nearly 1% because of Nvidia’s stock. Yet, in just 90 minutes, the S&P 500 erased all its losses and recovered $1 trillion in value.
1/ Why Nvidia Didn't Drag the Whole Market Down?
Even though Nvidia saw heavy selling early on, the panic cooled down toward the end of the trading day. More importantly, money didn't leave the market, it just rotated into other chipmakers.
While Nvidia dropped, competitors jumped. AMD gained around 7%, and Broadcom climbed more than 5%.
As Peter Tuz, president of Chase Investment Counsel, the gains in Nvidia's rivals helped offset Nvidia's losses. Investors still believe strongly in AI chip demand, even if they are nervous about Nvidia’s leadership change.
As I told you, all eyes are now on Nvidia's upcoming earnings report on November 17, 2026, which will show if customer demand and growth expectations remain solid.
2/ Big Warning Signs Still Looming
Thursday's bounce is impressive, especially since the market ignored 2 major red flags that usually push stocks down:
The yield on the 10-year US Treasury bond pushed past 5%, making borrowing more expensive across the economy.
Oil prices also moved higher after President Donald Trump took a tougher stance on Iran policy, bringing back worries about inflation.
3/ Key S&P 500 Levels to Watch on the Chart
The index is currently sitting at a critical make-or-break spot. Will we see new all-time highs next, or another sell-off?
If the rally continues: The immediate challenge is holding above the 7,624 level. If buyers stay in control, the S&P 500 could push back toward its record high near 7,845.
If sellers take over: Keep a close eye on support at 7,484. If it breaks below that, the next major floor is the November low around 7,350.
🔥 BURNING HOT TAKES FOR THE ROAD
The U.S. Justice Department received court approval to seize over $1.2B in stolen crypto from the historic Binance hack. Read more
Kalshi just quietly dropped Donald Trump Jr. from his advisory role. What happens to his Polymarket role next? Read more
Telegram founder boldly claimed GRAM deserves a top-3 crypto spot, sparking an instant 15% rally! Is he onto something? Read more
TRON, Tether, and Chainalysis teamed up to actively track and dismantle illicit USDT activities across the TRON network. Read more
Not again! Initia confirmed its second security breach in under 3 weeks, resulting in $3.27 million in stolen assets. Read more
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