Bitcoin price traded near $71,200 on Thursday evening, after slipping to a fresh session low near $71,000, according to Bitcoin Magazine Pro data. U.S. stocks closed modestly lower and the 10-year Treasury yield held above 5% after Nvidia said CEO Jensen Huang had resigned.
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. A bounce later faded, and the bitcoin price printed a new session low near $71,000 around 6:23 p.m., its weakest level since Aug. 20. It now stands roughly $30,400 below where it closed one year ago.
Stocks close lower as yields keep pressure on the bitcoin price
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, Reuters reported. Nvidia shares finished 4.3% lower at $166.19, off the day’s lows, after the company said Huang had resigned as president, chief executive and a board member, effective immediately, and named Chief Financial Officer Colette Kress interim CEO.
Bitcoin-linked stocks had a 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%.
The bond market did much of the afternoon work. 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, Reuters reported. The two-year yield, which tracks Federal Reserve expectations most closely, 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, a $404 billion deficit and a busy evening of crypto news
Higher yields reflect a market that still expects the Fed to tighten again next month. Fed funds futures are pricing in 29 basis points of hikes in December, a quarter-point move as the base case with only slim odds of a half-point step, Reuters reported. Rising rates raise the cost of holding an asset that pays no interest, and that has weighed on the bitcoin price all week.
The Treasury added a fiscal reminder after the close. The government ran a $404 billion deficit in October, the first month of fiscal 2027, the Treasury Department said, up 42% from $284 billion a year earlier, as receipts fell to $369 billion and outlays rose to $773 billion. Some benefit payments that would normally have been made on Nov. 1, a Sunday, were shifted into October.
The evening also brought a cluster of crypto headlines. The Justice Department said it has court authority to seize or restrain more than $1.2 billion of cryptocurrency stolen from Binance in October’s North Korea-linked heist, part of a freeze that officials said halted about half the breach. Binance, in a separate announcement, said it has fully covered the $6.34 billion in user losses with company funds. Jane Street’s quarterly 13F showed it had raised its Strategy stake 54% as of Sept. 30, though large options positions point to hedging rather than a straight bet. After the close, Gemini reported third-quarter revenue of $40.9 million, down 19%, as platform trading volume fell 73%; its net loss narrowed 63% to $58.6 million.
Those announcements did not lift the bitcoin price off the session lows. 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.
At the time of writing, the bitcoin price is near $71,200.
