Bitcoin fell below the $100,000 mark on Thursday, November 13, 2025, continuing a pattern of weakness during U.S. trading hours. The decline, exacerbated by a government shutdown-induced liquidity drain and fading hopes for a Federal Reserve rate cut, triggered significant liquidations across the crypto market. Crypto-linked stocks also suffered sharp losses as risk assets broadly retreated.
Bitcoin's price plunged below $100,000 after the noon hour on the East Coast, trading at $99,196.93, down 1.7% over the past 24 hours, according to CoinDesk. The cryptocurrency had briefly bounced to $104,000 overnight but reversed course in early U.S. hours. Bloomberg reported a deeper drop to $97,956, a 3.9% decline, while BeInCrypto noted trading near $98,400, marking the second such fall in a week.
The retreat coincided with a broad decline in risk assets, as the Nasdaq fell 2% and the S&P 500 dropped 1.3%. Crypto-linked equities were hit hard: Bitdeer plunged 19%, Bitfarms 13%, and Cipher Mining and IREN over 10%, with Galaxy, Bullish, Gemini, and Robinhood down 7%-8%.
Analysts pointed to a liquidity crunch from the government shutdown, which led to a $198 billion fiscal surplus in September and likely a larger one in October due to the shutdown. "We have had one of the driest periods for fiscal liquidity in months if not years," said Mel Mattison. He anticipated a reversal, stating, "The flood gates are about to open," with the Trump administration set to unleash fiscal spending.
Persistent U.S.-hour weakness tied to cooling expectations of a December Federal Reserve rate cut, now at 50/50 odds for 25 basis points. "Crypto is closely linked to macro-economics now more than anytime in the past," said Paul Howard of Wincent. He predicted Bitcoin would stay muted, adding, "My sense is with just six weeks left, we’ve seen the all-time highs for 2025."
Liquidations intensified the selloff, with totals ranging from $463 million (The Block) to $683 million in 24 hours (BeInCrypto), including $556 million in long positions. Bitcoin alone saw $164.5 million in liquidations over the last four hours. Long-term holders sold approximately 815,000 BTC in the last 30 days, the highest since January 2024, adding supply pressure.
