Key Facts

  • Bitcoin has fallen about 9% since the Nov. 6 close, further than gold futures, while the Nasdaq Composite is still up for the week, CoinMarketCap and Yahoo Finance data show.

  • The US dollar index traded at its highest level since April 2025 on Friday, and the 10-year Treasury yield climbed back above 5.1%, as traders priced another Fed rate hike.

  • QCP Capital names Japan's response to the yen near 160 per dollar as the next test for the dollar's rally.

Bitcoin has fallen about 9% since the Nov. 6 close, further than gold futures, while the Nasdaq Composite is still up for the week, CoinMarketCap and Yahoo Finance data show.

The US dollar index traded at its highest level since April 2025 on Friday, and the 10-year Treasury yield climbed back above 5.1%, as traders priced another Fed rate hike.

QCP Capital names Japan's response to the yen near 160 per dollar as the next test for the dollar's rally.

QCP Capital summed up the week in its Friday note.

How Far Has Bitcoin Fallen? Further Than Gold This Week

Bitcoin traded at $68,542 at 12:05 p.m. ET on Friday, CoinMarketCap data show. It touched $67,653 overnight, its lowest since Aug. 19.

Through midday Friday, its drop since last Friday's close is about twice the size of gold's, by the desk's count.

Gold's slide is longer-running. December gold futures settled at $3,885.30 on Thursday, about 27% below their record close in January, Yahoo Finance data show.

Why Did Bitcoin Trail Stocks? Tech Kept Its Rebound

Stocks are still up on the week, even after the Nasdaq fell on Friday. Last Friday's close came a day after a sharp AI chip selloff, so the window starts near a low.

Bitcoin still moves with tech from day to day. Its daily returns over the past 30 days track the Nasdaq more closely than gold, by the desk's calculation, with a correlation of 0.69 against 0.38.

What Moved Markets? The Dollar and Yields Above 5%

Producer prices rose 6.5% in the year to October, the largest rise since November 2022, the Bureau of Labor Statistics reported Friday.

What Comes Next? A Dollar Test at 160 Yen

McCullough asked how many firms had positioned for the dollar's rise and moved out of gold and Bitcoin.

Japan is the nearest check on the dollar. The yen weakened past 160 per dollar on Thursday, and Tokyo warned against one-sided moves, QCP noted.

The firm framed the next turn as whether Tokyo steps in before the Fed raises rates again.

Intervention by Japan would be the first test of the dollar's run. A further rise in Treasury yields would extend it.