Bitcoin traded near $71,200 on Thursday evening after reaching a new session low near $71,000, according to Bitcoin Magazine Pro data. U.S. stocks closed modestly lower, while the 10-year Treasury yield remained above 5% after Nvidia said CEO Jensen Huang had resigned.
Bitcoin’s decline began in the morning. The price fell below $72,000 before the opening bell and reached about $71,150 shortly after 10 a.m. Eastern. A later rebound faded, and bitcoin hit a fresh session low near $71,000 around 6:23 p.m., its lowest level since Aug. 20. It is now roughly $30,400 below its closing price one year ago.
Stocks close lower as yields weigh on bitcoin
The Nasdaq Composite fell 0.39% to 25,366.09, the S&P 500 declined 0.35% to 7,592.40, and the Dow Jones Industrial Average lost 0.36% to 52,297.09, Reuters reported. Nvidia shares ended 4.3% lower at $166.19, recovering from the day’s lows, after the company said Huang had resigned as president, chief executive and a board member, effective immediately. It named Chief Financial Officer Colette Kress interim CEO.
Bitcoin-related stocks had a weaker session. Strategy (MSTR), which MSCI is removing from its USA Index at the Nov. 30 close, finished at $114.41, down 6.5%. BlackRock’s iShares Bitcoin Trust (IBIT), which had seen $2 billion in outflows over nine consecutive days through Wednesday, closed at $40.36, down 4.5%.
The bond market contributed much of the afternoon’s pressure. The 10-year Treasury yield climbed about 12 basis points to 5.105% and reached 5.12%, its highest since Oct. 21, after President Donald Trump said the United States did not need a deal with Iran, Reuters reported. The two-year yield, which most closely reflects expectations for Federal Reserve policy, rose about 14 basis points to 4.867%. Brent crude settled at $95.82 a barrel, up 3.3%, as attacks on Saudi energy infrastructure escalated.
Fed rate-hike bets, a $404 billion deficit and a busy evening for crypto news
Higher yields reflect a market that still expects the Fed to tighten policy again next month. Fed funds futures are pricing in 29 basis points of rate hikes in December, with a quarter-point move as the base case and only slim odds of a half-point increase, Reuters reported. Higher rates increase the cost of holding an asset that pays no interest, weighing on bitcoin all week.
The Treasury offered a fiscal update after the close. The government recorded a $404 billion deficit in October, the first month of fiscal 2027, the Treasury Department said, up 42% from $284 billion a year earlier. Receipts fell to $369 billion while outlays rose to $773 billion. Some benefit payments normally due on Nov. 1, a Sunday, were moved into October.
Several crypto headlines also emerged in the evening. The Justice Department said it has court authority to seize or restrain more than $1.2 billion in cryptocurrency stolen from Binance in October’s North Korea-linked heist. Officials said a freeze halted about half the breach. Binance separately said it had fully covered the $6.34 billion in user losses with company funds. Jane Street’s quarterly 13F filing showed that it had increased its Strategy stake by 54% as of Sept. 30, though large options positions point to hedging rather than a straightforward bet. After the close, Gemini reported third-quarter revenue of $40.9 million, down 19%, as platform trading volume dropped 73%. Its net loss narrowed 63% to $58.6 million.
The announcements did not push bitcoin off its session lows. Friday’s Producer Price Index is the next inflation test, while Nvidia remains scheduled to report quarterly results on Nov. 17 under its interim leadership.
At the time of writing, bitcoin was near $71,200.
This post, Bitcoin Holds Near $71,200 After Session Low as 10-Year Yield Stays Above 5%, first appeared on Bitcoin Magazine and was written by Micah Zimmerman.
