Bitcoin Falls Below $70,000 Amid Institutional Outflows and Macroeconomic Pressures
Bitcoin fell below $70,000 on Friday, extending its recent decline as investor sentiment deteriorated amid institutional outflows, tightening liquidity, and broader macroeconomic pressures.
Bitcoin fell below $70,000 on Friday, extending its recent decline as investor sentiment deteriorated amid institutional outflows, tightening liquidity, and broader macroeconomic pressures (source ID: 1). Bitcoin (BTC) is trading at $68,607.23 at the time of writing, down 9.2% in the last week, according to CoinGecko. The drop coincided with a sharp decline in market sentiment, with the Crypto Fear & Greed Index falling to 20 on Friday, its lowest reading in more than four months, putting it in 'extreme fear.' The index last reached that level on July 8. [1]
Vikram Subburaj, CEO of crypto exchange Giottus, attributed Bitcoin's weakness to institutional outflows, tightening crypto liquidity, and expectations of a December Federal Reserve interest rate hike. 'Investors should avoid chasing short-term dips or using excessive leverage,' he said (source ID: 1). In a Friday report, 10x Research highlighted Bitcoin's divergence from US equities. Between Nov. 5 and Nov. 12, Bitcoin declined 5.9% while the Nasdaq 100 gained 6.4%, suggesting the cryptocurrency was responding more to rising Treasury yields and a stronger US dollar than to technology stocks. [1]
The research firm said Bitcoin was increasingly trading alongside gold, which fell 5.5% over the same period, as the US 10-year Treasury yield climbed above 5%. Meanwhile, institutional trading platform Talos also warned that thin liquidity and elevated leverage could amplify market volatility. Its weekly report showed Bitcoin order-book depth across major exchanges fell to $72 million on Nov. 9, roughly 33% below normal levels (source ID: 1). 'Liquidity remains thin while leverage stays elevated, leaving the market vulnerable to sharp moves in either direction,' said Tanay Ved, senior research associate at Talos. [1]
Bitcoin fell below $70,000 on Friday, marking a continuation of its recent decline as investor sentiment deteriorated amid institutional outflows, tightening liquidity, and broader macroeconomic pressures (source ID: 1). The cryptocurrency's price dropped to $68,607.23, representing a 9.2% decrease in the last week, according to CoinGecko. This decline coincided with a sharp drop in market sentiment, as the Crypto Fear & Greed Index fell to 20, its lowest reading in over four months, entering the 'extreme fear' category. [1]
Advertisement
Vikram Subburaj, CEO of crypto exchange Giottus, attributed Bitcoin's weakness to institutional outflows, tightening crypto liquidity, and expectations of a December Federal Reserve interest rate hike (source ID: 1). A report from 10x Research highlighted that Bitcoin's performance diverged from US equities, with the Nasdaq 100 gaining 6.4% between November 5 and 12 while Bitcoin declined 5.9%. This suggests that Bitcoin was responding more to rising Treasury yields and a stronger US dollar than to technology stocks. [1]
The research firm noted that Bitcoin was increasingly trading alongside gold, which fell 5.5% over the same period, as the US 10-year Treasury yield climbed above 5% (source ID: 1). Institutional trading platform Talos warned that thin liquidity and elevated leverage could amplify market volatility. Its weekly report showed Bitcoin order-book depth across major exchanges fell to $72 million on November 9, roughly 33% below normal levels. [1]
Bitcoin fell below $70,000 on Friday, extending its recent decline as investor sentiment deteriorated amid institutional outflows, tightening liquidity, and broader macroeconomic pressures (source ID: 1). The cryptocurrency's seven-day price chart showed a 9.2% decline, with Bitcoin trading at $68,607.23 at the time of writing. This decline coincided with a sharp drop in market sentiment, as the Crypto Fear & Greed Index fell to 20, its lowest reading in more than four months, signaling 'extreme fear.' [1]
Vikram Subburaj, CEO of crypto exchange Giottus, attributed Bitcoin's weakness to institutional outflows, tightening crypto liquidity, and expectations of a December Federal Reserve interest rate hike (source ID: 1). In a Friday report, 10x Research highlighted Bitcoin's divergence from US equities, noting that between Nov. 5 and Nov. 12, Bitcoin declined 5.9% while the Nasdaq 100 gained 6.4%, suggesting the cryptocurrency was responding more to rising Treasury yields and a stronger US dollar than to technology stocks. [1]
Advertisement
The research firm said Bitcoin was increasingly trading alongside gold, which fell 5.5% over the same period, as the US 10-year Treasury yield climbed above 5% (source ID: 1). Institutional trading platform Talos also warned that thin liquidity and elevated leverage could amplify market volatility, with its weekly report showing Bitcoin order-book depth across major exchanges fell to $72 million on Nov. 9, roughly 33% below normal levels. [1]
Sources
Prepared with AI assistance from the cited sources.
The Cali Reporter newsletter
The stories worth your time.
California, the country, and what comes next. Join our free newsletter for reporting that keeps you informed.
More in Business
- Nvidia CEO Resignation Sparks Market Volatility
The sudden resignation of Nvidia CEO Jensen Huang has triggered significant market reactions, with both the company’s stock and Bitcoin experiencing notable declines.
- Nvidia CEO Resignation Highlights Leadership and Governance Challenges
The resignation of Jensen Huang, CEO of Nvidia, has sparked discussions about corporate governance and leadership development, with insights from McKinsey's global managing partner, Bob Sternfels.
- Unocoin Suspends Services Amid Security Probe
Unocoin, an Indian cryptocurrency exchange, has suspended deposits and withdrawals following the detection of unauthorized activity and a potential breach of its systems.