On the morning of November 15th, Bitcoin slipped beneath 90 million won on South Korea's Bithumb exchange, a level it had last held in August, as a slide that had been gathering over several days reached a three-month low near $67,000. The fall was not the work of a single misstep but of three pressures arriving at once: a wobble in technology shares tied to the AI boom, a renewed expectation that interest rates will rise, and a steady withdrawal of money from the American funds that had once carried institutional demand. Such moments show how an asset that rose on the promise of independence
Bitcoin Slides Below 90 Million Won as Nvidia Selloff, Rate Fears and ETF Outflows Hit Crypto
Two support lines gone in a short stretch.
Mark
Bitcoin dropped below 90 million won. Why does that number matter?
Mimi
It's the lowest since August, and it comes just days after the 100 million won level failed on the 13th. Two support lines gone in a short stretch.
Mark
The article blames three things. Which one hit first?
Mimi
The Nvidia-linked tech selloff was the most direct trigger. Jensen Huang's resignation fed worries about chip regulation and circular AI financing, and stocks fell.
Luke
Careful with causation, though. The 0.46 Nasdaq correlation is one analyst's figure, and it's moderate, not tight. It shows they move together, not that tech caused this.
Mark
And the rate angle?
Mimi
Hot CPI and PPI readings raised December hike odds, and the 10-year yield went above 5%. Bitcoin pays no interest, so it looks weaker next to that.
Luke
Worth noting that the hike odds are described as gaining traction, not as a settled expectation.
Mark
What made the fall so sharp?
Mimi
Leveraged longs were clustered between $71,000 and $69,000. When price broke that zone, forced liquidations cascaded.
Mark
What about the Korea premium of 3.52%?
Mimi
Domestic prices sit above overseas ones, which the report reads as Korean buyers stepping in.
Luke
That's an interpretation. A premium can have other explanations, and the source doesn't give buying volumes. It's a hint, not proof of dip-buying.
O Pulso
- Bitcoin broke under 90 million won at 9:12 on the 15th, a three-month low that sent a jolt through the market.
- A tech selloff sparked by Nvidia CEO Jensen Huang's resignation pulled Bitcoin down alongside the Nasdaq, which is moving in lockstep with it.
- Rising inflation data has pushed the odds of a December Fed rate hike higher, and the 10-year Treasury yield has climbed above 5%.
- Money keeps flowing out of US spot Bitcoin ETFs, while Strategy's removal from the MSCI USA Index raises fears of forced index-fund selling.
- Heavy long liquidations between $71,000 and $69,000 cascaded once the floor gave way, deepening the fall toward $70,000 losses.
- Analysts see no rebound until US tightening signals ease and ETF flows turn positive, though a Korea premium of 3.52% hints that bargain hunters are still active.
On the morning of November 15th, Bitcoin slipped beneath 90 million won on South Korea's Bithumb exchange, a level it had last held in August, as a slide that had been gathering over several days reached a three-month low near $67,000. The fall was not the work of a single misstep but of three pressures arriving at once: a wobble in technology shares tied to the AI boom, a renewed expectation that interest rates will rise, and a steady withdrawal of money from the American funds that had once carried institutional demand. Such moments show how an asset that rose on the promise of independence can, under stress, move in step with the very markets its holders hoped to escape. Yet the premium paid by Korean buyers, still above overseas prices, suggests that some are willing to purchase while others retreat.
At 9:12 on the morning of the 15th, one Bitcoin traded for 88.891 million won, about $67,000, on Bithumb. It was down 1.88% from the day before and the first time it had dropped below 90 million won since August.
The slide had been building for days. Bitcoin lost the 100 million won mark on the 13th, kept sliding over the weekend, and broke under 90 million won around midnight. Ethereum, Ripple and Solana fell alongside it, and the broader market followed.
The fall came from three pressures at once. The most immediate was technology stocks: the resignation of Nvidia CEO Jensen Huang fed fears about tighter chip regulation and circular financing in AI, pushing New York tech shares into correction. Bitcoin has been moving closely with the Nasdaq, so it felt the same tremor.
The second was interest rates. Strong October inflation readings raised the chance of a Federal Reserve hike in December, and the 10-year Treasury yield rose above 5%. An asset that pays no interest looks less appealing when bonds pay more.
The third was demand. Money continued to leave US spot Bitcoin ETFs, once a steady source of institutional buying. Strategy's expected removal from the MSCI USA Index raised worries about index funds selling, and a Democratic sweep in the midterms made the CLARITY Act's future less certain.
Leveraged long positions made things worse. Forced liquidations clustered between $71,000 and $69,000, and once price broke through, the selling cascaded toward $70,000.
Korea stood apart. Domestic coins traded more than 3% above overseas prices, a premium read as Korean investors buying during the sell-off. For now, most analysts expect no recovery until US tightening eases and ETF flows turn positive, but that premium suggests the bargain hunters have not left the room.
At 9:12 on the morning of the 15th, one Bitcoin cost 88.891 million won, about $67,000, on South Korea's Bithumb exchange. That was 1.88% lower than a day earlier and the first time the price had dropped below 90 million won since August, roughly three months ago.
The slide had been underway for a few days. Bitcoin lost the 100 million won level on the 13th, kept falling through the weekend, and broke under 90 million won around midnight. CoinMarketCap, the global tracker, showed it at $64,340.44, or about 86 million won. The rest of the market went down with it: Ethereum fell 3.77%, Ripple 4.89% and Solana 4.32%.
The reporting describes three shocks landing together rather than one cause. The most direct was in technology stocks. The resignation of Nvidia CEO Jensen Huang spilled into worries about tighter semiconductor regulation and about circular financing in the AI industry, and New York tech shares moved into correction. Nishie, a crypto analyst writing for the Japanese outlet CoinPost, put the correlation between the Nasdaq and Bitcoin at 0.46, a sign the two are moving together.
On the 13th, the Dow rose 0.10% while the Nasdaq fell 0.91% and the S&P 500 fell 0.40%. Semiconductors and neocloud stocks led the decline. Weekly options expiration, heavy trading in zero-day put options and hawkish remarks from Fed officials added weight, though the drop appeared to steady as the S&P 500 approached 7,500, a zone where many put options are concentrated.
The second shock was interest rates. US October consumer and producer price readings both beat expectations, which raised the odds of a Federal Reserve rate hike in December. The 10-year Treasury yield has moved above 5%, and an asset that pays no interest looks less attractive against that.
The third is demand. Money keeps leaving US spot Bitcoin ETFs, which had been a pillar of institutional buying. News that Strategy, a major Bitcoin holder, will be removed from the MSCI USA Index added fears of selling by index-tracking funds. Regulation is also unsettled: Democrats won both the Senate and the House in the midterms, the so-called blue tsunami, which makes it more likely that the CLARITY Act will be amended or delayed.
Derivatives magnified the move. Long positions were heavily bunched for forced liquidation between $71,000 and $69,000. Once price broke through that band, liquidations cascaded and deepened the fall, which is the backdrop to the loss of $70,000, about 94 million won.
South Korea looked different from the rest of the world. According to the price comparison platform CryptoPrice, the Korea premium was plus 3.52%, meaning coins on domestic exchanges cost more than 3% above overseas prices. The report reads that as relatively strong buying by Korean investors during the selloff.
The market expects Bitcoin to be driven for now by interest rates, stocks and regulation. The prevailing view is that a rebound is unlikely until signals of further US tightening ease and ETF flows turn to net inflows. The positive Korea premium is taken as a sign that bargain-hunting demand has not disappeared.
Citações Notáveis
The correlation coefficient between the Nasdaq and Bitcoin has risen to 0.46, indicating clear synchronization with the stock market.— Nishie, crypto analyst, writing for CoinPost
Quer a matéria completa?
Leia o original em BigGo Finance ↗