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Bitcoin Crumbles Below $100K, Crypto Stocks Eviscerated as Liquidity Crunch Hammers Risk Markets
Crypto’s U.S. trading-hour weakness continues as hopes for a new 2025 BTC high fade, a market strategist said.
Updated Nov 13, 2025, 6:10 p.m. Published Nov 13, 2025, 5:15 p.m.
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What to know:
- Bitcoin fell back again Thursday, the price plunging below $100,000 after the noon hour on the east coast.
- The odds are increasing that the 2025 highs won't be revisited this year, said one analyst.
- Thanks to the government shutdown, liquidity has evaporated from markets in recent weeks, said another analyst, but that's about to reverse.
Bitcoin and the rest of the crypto market continued the trend of not just losing ground, but notably sliding the most during U.S. market hours.
Following a recent pattern, BTC had bounced to as high as $104,000 overnight but reversed course in early U.S. hours, plunging below $100,000 in the early afternoon hours on the east coast and now lower by 1.7% over the past 24 hours.
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The retreat came amid a steep broad decline in risk assets as investors come to grips with the idea that the Fed — at the moment — doesn't appear intent on cutting rates in December. The Nasdaq is down 2% and S&P 500 1.3%.
Crypto-linked equities were hit hard once more, especially miners with heavy AI infrastructure and data center exposure. Bitdeer (BTDR) plunged 19% and Bitfarms (BITF) dropped 13%, while Cipher Mining (CIFR) and IREN lost over 10%. The rest of the crypto equity sector also saw steep losses: Galaxy (GLXY), Bullish (BLSH), Gemini (GEMI) and Robinhood (HOOD) were all down 7%-8%.
BTC's 2025 peak could be in
The pullback underscores a trend that’s defined crypto markets in recent weeks: persistent weakness during U.S. hours, coinciding with cooling expectations of a December rate cut from the Federal Reserve.
"Crypto is closely linked to macro-economics now more than anytime in the past," said Paul Howard, senior director at trading firm Wincent.
With markets now pricing in roughly 50/50 odds for a 25 basis points rate cut next month, Howard expects BTC to stay muted near current levels for the remainder of the year.
"My sense is with just six weeks left, we’ve seen the all-time highs for 2025," he said. "From here, we likely get a steady ascension over the course of the coming year — volatility acknowledged."
Shutdown continues to reverberate
Investors love to decry government deficits, but often lost in that attitude is the asset-boosting liquidity sloshing around in markets thanks to those deficits.
The government shutdown — to the extent it even temporarily narrowed or reversed those deficits — is appearing to have the exact opposite effect. Market-watcher Mel Mattison noted that the federal government actually ran a $198 billion fiscal surplus in September. The October data is coming later today and likely to show an even greater surplus given much of D.C. was shut down for the entire month.
"We have had one of the driest periods for fiscal liquidity in months if not years," said Mattison on Thursday. The good news?
"The flood gates are about to open," Mattison said. "The [Trump administration] is going to unleash a tsunami of fiscal largess in coming quarters. Mid-terms must be defended."
The next couple of weeks could remain choppy, he continued, but as liquidity returns, so should upward price action.
UPDATE (Nov. 13, 17:05 UTC): Updates bitcoin price falling below $100,000.
Di più per voi
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Cosa sapere:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here's what bitcoin bulls are saying as price remains stuck during global rally
It's about a lot more than "zooming out." Supply overhangs and investor "muscle memory" regarding gold help explain bitcoin's poor absolute and relative performance.
What to know:
- Bitcoin has failed so far to act as an inflation hedge or safe-haven asset, lagging badly behind gold, which has surged amid high inflation, wars, and interest rate uncertainty.
- Crypto advocates argue that bitcoin’s weakness reflects a temporary supply overhang, investor “muscle memory” favoring familiar precious metals and its correlation with risk assets, rather than a collapse in long-term demand.
- Many bitcoin proponents still see BTC as a superior long-term store of value and “digital gold,” predicting that, once traditional hard assets are overbought, capital will rotate into bitcoin, allowing it to “catch up” to gold.
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