- Bitcoin traded below $70,000 for the first time since August in a risk-off move on Friday, falling as low as $67,632.68, its lowest level since Aug. 19, according to Coin Metrics data cited by CNBC. The largest cryptocurrency was last at $69,231.05, down 3%, and was on pace for its sixth consecutive weekly decline.
- The slide coincided with a stronger U.S. dollar. On Friday the dollar index reached its highest level since April 2025, after hotter-than-expected inflation earlier in the week lifted expectations of further Federal Reserve tightening, pushing Treasury yields and the dollar higher and pressuring both bitcoin and gold, CNBC reported.
- Throughout November, bitcoin has been struggling under a combination of dollar strength, institutional selling and, this week, more than $1 billion in leveraged bitcoin liquidations, according to CoinGlass data cited by CNBC. The declines began in late October, as concerns over AI valuations and spending fueled a broad tech sell-off, and were compounded by the $6.3 billion Binance hack and weakening institutional ETF demand, CNBC said.
- The same session saw the S&P 500 fall 0.4% and the Nasdaq Composite fall 0.91%, while the 10-year Treasury yield stayed above 5%. The FedWatch tool, as reported by CNBC in its Treasury coverage, showed traders pricing a December rate hike as a certainty, a backdrop that has supported the dollar and weighed on crypto as a risk asset.
What Happened?
A break below $70,000 for the first time since August wipes out the late-summer rebound and leaves bitcoin lower with the dollar, not acting as an alternative store of value in the short run, which is the point CNBC flagged by pairing the move with gold’s pressure. Six straight weekly declines also put the token on a similar losing streak to Nvidia’s. CNBC treated the drivers as rates, the dollar, liquidations and ETF demand, alongside a broad tech sell-off and the Binance hack, rather than as a direct Nvidia link. More than $1 billion of leveraged liquidations this week shows the sell-off has been forcing holders out of positions, not just marking prices lower.
Why It Matters?
For U.S. investors in spot bitcoin ETFs and in related stocks, the combination of a 19-month-high dollar, a 5% 10-year yield and a still-fresh multi-billion-dollar exchange hack is a harsh mix. The market is pricing tighter Fed policy into crypto the same way it is pricing it into long-duration equities. That linkage will matter into next week’s inflation-sensitive data and the Dec. 8-9 FOMC meeting.
What’s Next?
The immediate levels to watch are whether bitcoin can recapture $70,000 and whether liquidations slow after this week’s $1 billion-plus flush. ETF flows, which CNBC said have been weakening, will be the institutional tell, and any further dollar strength after next week’s data would keep the pressure on. The Justice Department’s reported recovery of funds from the Binance hack is a side story; it has not, so far, reversed the price slide.
Affected Tickers and Coins: Bitcoin, IBIT, GBTC, MSTR, TLT
Source: CNBC
