Kyiv • UNN
Bitcoin fell 1.4% to $73,500 due to weak risk appetite and a $2.5 billion outflow from spot ETFs. The market expects the $70 000 level.
Bitcoin fell in price on Thursday, November 12, as renewed concern over technology company stocks dampened risk appetite, while continued outflows from U.S. spot exchange-traded funds intensified the pressure. UNN reports this, citing Bloomberg.
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The original cryptocurrency fell as much as 1.4% and was trading at around $73,500 as of 8:45 a.m. London time (10:45 a.m. Kyiv time). Other cryptocurrencies also weakened, as did U.S. stock futures, which fell amid concerns about personnel changes at Nvidia Corp., negatively affecting the artificial intelligence market.
Shares of the chipmaker fell 10% at the end of the U.S. trading session on Wednesday, November 11. The company is working with an outside firm to search for potential candidates to replace CEO Jensen Huang following reports of extramarital affairs, including with a woman suspected of spying for China, Bloomberg reports.
Bitcoin's recovery from its July 2026 low below $58,000 has recently slowed. On Wednesday, November 11, it reached a three-month low after higher-than-expected U.S. inflation strengthened expectations of further interest-rate hikes.
Other factors hindering growth are also mounting. MSCI Inc.'s decision to exclude Strategy Inc., the largest corporate buyer of bitcoin, from its global equity indexes became another factor affecting the cryptocurrency, according to Caroline Moron, co-founder of Orbit Markets.
"Although this decision was widely expected, it intensified the feverish sentiment surrounding this asset class after the midterm elections," she said, referring to the U.S. elections. "In the short term, there is no support on the downside, and the next key level to watch is $70,000."
Last week, Democrats won a convincing victory in the U.S. elections, gaining control of both chambers of Congress next year. This will put the country's legislative branch at odds with President Donald Trump's more crypto-friendly Republican administration, the publication writes. Democrats have made Trump's growing crypto fortune an issue in the midterm campaigns, the publication notes.
Inflows into spot bitcoin ETFs reversed on October 30, four days before the election. Since then, these funds have recorded net outflows of approximately $2.5 billion.
Bitcoin posted its weakest October in 12 years, falling by more than 7%03.11.26, 11:09 • 4475 views
