Bitcoin Drops Below $70K Amid Market Shakeup

What Caused the Market Turbulence This Week?

It was a wild week across both traditional finance and digital asset markets. At the start of the week, market observers were watching several macroeconomic events unfold. However, unexpected executive shifts in the tech sector added extra pressure to financial markets.

Nvidia Chief Executive Officer Jensen Huang unexpectedly departed from the tech firm. This event triggered swift reactions across technology stocks and spilled into the cryptocurrency market. Combined with fresh inflation reports, crypto prices faced notable downward pressure.

Step-by-Step Breakdown of Bitcoin's Price Slide

Bitcoin had already shown weakness prior to this week. After a post-election rally halted at $81,000, the price dropped to an 11-week low of just under $75,000.

The weekend stayed quiet, with Bitcoin trading sideways between $75,500 and $76,000. But Monday morning brought fresh selling, pushing the asset down to $73,500. An attempted recovery later that day failed to build momentum.

On Tuesday, the U.S. Consumer Price Index (CPI) report was released. Inflation came in slightly higher on a month-over-month basis than anticipated. Market uncertainty grew, and Bitcoin fell below $73,000.

Buyers tried to mount a rally toward $74,800, but that effort fell short. As news surrounding Jensen Huang's departure spread, selling pressure accelerated over the next 24 hours.

By Friday morning, Bitcoin hit a low of $67,500. This marked its lowest price point in nearly three months. In under 10 days, Bitcoin lost over $13,000 in value.

While Bitcoin recovered slightly by $1,000 to trade around $68,700, it remains down over 10% on the week. Digital asset markets remain highly volatile, and price movements can change direction rapidly.

Past performance of digital assets is not an indication of future performance.

Altcoins Experience Deeper Declines

The broader altcoin market experienced sharp declines alongside Bitcoin. Several prominent digital tokens posted double-digit weekly drops:

• Zcash (ZEC) fell 31%
• Uniswap (UNI) declined 17.5%
• RippleXRP-0.78% dropped 15% to $1.02
• EthereumETH-3.71% decreased 14% to $1,935
• SolanaSOL-2.41% shed 13%
• Ethena (ENA) lost 20%

However, a few assets managed to buck the downward trend. Internet ComputerICP+3.65% gained 4.8% over the week, while World Liberty Financial (WLFI) also recorded modest gains.

Cryptocurrency Market Overview (November 13 Data)

Here is a snapshot of key market metrics recorded on November 13:

• Total Market Capitalization: $2.435 Trillion
• 24-Hour Trading Volume: $100 Billion
• Bitcoin Market Dominance: 56.7%
• Bitcoin (BTCBTC-4.08%): $68,700 (-10% weekly)
• Ethereum (ETH): $1,935 (-14% weekly)
• Ripple (XRP): $1.02 (-15% weekly)

Top Crypto News Stories of the Week

1. Retail Sentiment Drops to Extreme Fear

Before Bitcoin fell under $68,000, on-chain metrics signaled that retail participants were stepping back. The Crypto Fear and Greed Index dipped into extreme fear territory as retail selling increased.

Some market analysts note that extreme retail capitulation can sometimes signal a local market bottom. However, predicting price bottoms remains speculative and market risks persist.

2. Bitcoin Core Issues Bug Warning for Node Operators

Bitcoin Core developers published a warning concerning a software bug affecting block creation after chain reorganizations.

The bug can cause mempool inconsistencies across node versions, potentially preventing miners from creating new blocks until affected nodes are restarted.

3. Coinbase Granted National Trust Bank Charter Approval

Coinbase received full approval for its national trust bank charter from the Office of the Comptroller of the Currency (OCC).

This approval puts Coinbase alongside other crypto firms like Circle and Ripple, allowing it to operate as a federal trust bank and offer expanded financial services.

4. Perspective on Policy Changes in Congress

Following recent political shifts, some crypto industry leaders raised questions about future regulatory direction. Bitwise Chief Investment Officer Matt Hougan offered a neutral perspective.

Hougan noted that if younger lawmakers assume prominent roles in Congress, their approach to digital financial innovation could lead to progressive policy discussions over time.

5. Institutional Buyers Continue Asset Accumulation

Despite market pullbacks, institutional entities continued adding to their cryptocurrency holdings:

• BitMine purchased over 9,500 ETH, pushing its total reserve above 6,070,000 ETH while founder Tom Lee reiterated support for Vitalik Buterin's Ethereum vision.
• Strategy purchased 1,037 BTC and repurchased $188 million in STRC stock, bringing its total treasury holdings to a record high of over 850,360 BTC.

6. Technical Chart Updates

Technical analysis reviews were also published this week for several major assets, including Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid.