The relentless decline in cryptocurrencies continues with Bitcoin (BTC) down another 3% on Nov. 13 and heading for a weekly decline of nearly 10%.
In early trading on Friday, Bitcoin is changing hands at $69,100 U.S., having dropped below the key support level of $70,000 U.S. In the past five trading sessions, Bitcoin has fallen 9%.
Ethereum (ETH), the second largest cryptocurrency by market capitalization, also continues to struggle and is now trading below the key level of $2,000 U.S., having shed 8% this week.
Crypto is struggling amid persistent volatility in the stock market as investors grow increasingly risk averse.
Bitcoin is also being pressured by steady outflows from exchange-traded funds (ETFs) that track its spot price.
Market data shows that about a dozen U.S. spot Bitcoin ETFs have bled $1.44 billion U.S. over the five trading sessions through Nov. 12.
The selling of Bitcoin ETFs has been ongoing since crypto exchange Binance disclosed on Oct. 30 that it had lost $6.3 billion U.S. worth of digital assets in a coordinated hack of its platform.
The Binance theft has shaken investor confidence in crypto and is largely responsible for the continued decline in digital asset values.
Bitcoin appears headed back below $65,000 U.S., a level it spent most of this year at before breaking out and rising above $85,000 U.S. in early October.
There had been hope that a “crypto winter” that began in October 2025 had ended this summer. But that may not be the case after the Binance hack, say some analysts.
BTC hit an all-time high of $126,000 U.S. a year ago before the crypto winter set in.
