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Bitcoin falls below $70,000, a 12-week low, on rate fears

Bitcoin slid under $70,000, its lowest level in 12 weeks, as traders grew wary of where US interest rates go next. The coin has given back most of its summer gains and is down 22% this year, while Ether and bitcoin-linked US stocks also fell.

Illustration: A large gold paper coin carrying the Bitcoin logo sits on the edge of a stepped cliff of coral and mustard paper, as if it is about to slide down.
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Bitcoin dipped to roughly $67,555 shortly after midnight Eastern, its weakest point since August. The rebound to close to $69,800 came Friday, after October's US producer price figures showed a smaller increase than expected. Producer prices track what factories and wholesalers charge. Meanwhile, the dollar stood near a 19-month high.

Ether briefly fell to $1,983 on Thursday, while the wider crypto market lost about $550 billion in value since October. Traders who bought crypto expecting higher prices lost $599 million over the past 24 hours, according to Coinglass data. Those bullish positions made up 88% of the $680.81 million in forced closures across crypto, which are called liquidations.

Illustration: Seen from above, a row of five plain cream paper boxes, each with an open lid and gold paper discs lifting out of it and drifting off to one side, on a deep teal paper table in soft light.
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Shares of companies that mine new Bitcoin took the heaviest losses among US-listed firms tied to the coin. Hut 8 fell 6%, while Riot Platforms and MARA Holdings each lost 3.9%. Coinbase slipped 0.5%.

Bitcoin$65,822down −19.38%over 1 month
$84,082$65,78915 Oct14 Nov

Prices by CoinGecko. Past moves say nothing about future ones.

Also in this story

Etherdown −24.09%1 month

Jensen Huang, a co-founder of the company, gave up his posts as CEO, president and board member, with the change taking hold right away. On Nov. 12, Nvidia said so. That ended his 33 years at the head of the artificial intelligence chipmaker, and Nvidia's shares fell sharply on the news, adding to strain across crypto markets.

Outflows from Bitcoin exchange-traded funds (ETFs), investment products that hold the coin, rose as institutional demand faded. Over the past seven days Bitcoin lost 8.66%.

$1,000 in Bitcoin

Had you put $ into Bitcoin a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

Background

The price had recently moved back onto its 200-week average, the long-term trend line that anchored the coin's summer recovery. The coin is also on track for its first back-to-back annual losses in nearly 18 years.

GuideCrypto Fear and Greed Index today: how fearful or greedy the crypto market is

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Bitcoin, Ether

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake

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