Bitcoin Price Trades Near $71,200 After a Fresh Session Low as the 10-Year Yield Holds Above 5%
Bitcoin price traded near $71,200 on Thursday evening, after slipping to a fresh session low near $71,000, its weakest level since August 20.
The decline started in the morning as Bitcoin price fell below $72,000 before the opening bell and dropped to about $71,150 shortly after 10 a.m. Eastern. A bounce later faded, and the bitcoin price printed a new session low near $71,000 around 6:23 p.m. It now stands roughly $30,400 below where it closed one year ago.
Stocks close lower as yields keep pressure
The Nasdaq Composite slipped 0.39% to 25,366.09, the S&P 500 lost 0.35% to 7,592.40 and the Dow Jones Industrial Average fell 0.36% to 52,297.09. Nvidia shares finished 4.3% lower at $166.19 after the company said Jensen Huang had resigned as president, chief executive and a board member, effective immediately.
The decline started in the morning. Bitcoin price fell below $72,000 before the opening bell and dropped to about $71,150 shortly after 10 a.m. Eastern.
Bitcoin-linked stocks suffer harder session
Strategy (MSTR), which MSCI is removing from its USA Index at the Nov. 30 close, finished at $114.41, down 6.5%. Shares of BlackRock's iShares Bitcoin Trust (IBIT), which had bled $2 billion over nine straight days of outflows through Wednesday, closed at $40.36, down 4.5%.
Bond market drives afternoon decline
The 10-year Treasury yield rose about 12 basis points to 5.105% and reached 5.12%, its highest since Oct. 21, after President Donald Trump said the United States does not need a deal with Iran. The two-year yield climbed about 14 basis points to 4.867%. Brent crude settled at $95.82 a barrel, up 3.3%, after attacks on Saudi energy infrastructure escalated.
Fed hike bets and fiscal deficit weigh
Higher yields reflect a market that still expects the Fed to tighten again next month, with Fed funds futures pricing in 29 basis points of hikes in December. The government ran a $404 billion deficit in October, up 42% from $284 billion a year earlier, as receipts fell to $369 billion and outlays rose to $773 billion.
Crypto news fails to lift price
The Justice Department said it has court authority to seize more than $1.2 billion of cryptocurrency stolen from Binance in October's North Korea-linked heist. Binance said it has fully covered the $6.34 billion in user losses with company funds. Jane Street raised its Strategy stake 54% as of Sept. 30, though large options positions point to hedging. Gemini reported third-quarter revenue of $40.9 million, down 19%, as platform trading volume fell 73%.
Friday's Producer Price Index is the next inflation test, and Nvidia is still scheduled to report quarterly results on Nov. 17 under its interim leadership.
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