Bitcoin fell below $72,000 on Thursday, its lowest level since mid-August, as Ether slipped under $2,000. Three pressures hit at once: rising bets on a December Fed hike after hot US inflation, a fifth straight day of spot Bitcoin ETF outflows, and a tech sell-off after Nvidia CEO Jensen Huang resigned. Bitcoin is now below its 200-day average.
Key takeaways
- Bitcoin traded near $71,340 by mid-afternoon in London, down about 3.5% on the day and roughly 18% below its early-October high near $87,150, according to Yahoo Finance data.
- Ether dipped below $2,000 for the first time since 19 August, trading near $1,997.
- US spot Bitcoin ETFs lost $299.8 million on Wednesday, a fifth straight day of outflows totalling about $1.44 billion, per SoSoValue data.
- Nvidia said Jensen Huang had resigned with immediate effect. Its shares fell as much as about 13% at the open, dragging the Nasdaq lower.
- A December Fed hike is fully priced. US PPI on Friday at 08:30 ET (13:30 GMT) is the next test.
Why is Bitcoin falling today?
Bitcoin is falling because higher US interest-rate expectations, weak fund demand and a sudden shock to the AI trade all landed in the same session. Bitcoin Magazine reported a low of about $71,670 in the US morning, taking out the $72,700 low set after Tuesday’s inflation report. Yahoo Finance data showed it near $71,340 at 15:34 GMT, with a day range of roughly $71,290 to $74,070. On a closing basis, Bitcoin has not finished a day this low since 19 August.
The selling sped up as leveraged long positions were forced out. CryptoPotato, citing CoinGlass data, reported about $222 million of liquidations in a single hour, almost all of them longs, taking the daily total to around $530 million at the time.
The Fed: hike bets keep rising
The backdrop is Tuesday’s hot October CPI report, where headline prices rose 0.4% on the month. Markets now treat a 25 basis point hike at the Fed’s 8–9 December meeting as a certainty, with about a 10% chance of a half-point move, according to CME FedWatch data cited by Bitcoin Magazine. Chicago Fed President Austan Goolsbee called the inflation report “borderline disturbing”, Reuters reported via Investing.com.
Higher rates raise the cost of holding assets that pay no yield, such as Bitcoin and gold. The dollar index rose above 103 to its highest since April 2025, Investing.com reported, and the 10-year Treasury yield traded near 5.07%, according to Yahoo Finance data. Thursday’s jobless claims did little to change the picture: initial claims rose to 200,000 against a 195,000 forecast, Kitco reported.
ETF outflows: no dip buying from funds yet
Institutional demand is not cushioning the fall. US spot Bitcoin ETFs saw net outflows of $299.8 million on Wednesday, the fifth day in a row, bringing the run to about $1.44 billion since 5 November, CoinDesk reported, citing SoSoValue. BlackRock’s IBIT accounted for $269.7 million of Wednesday’s redemptions, its ninth straight session of outflows. CoinDesk also noted that one-week Bitcoin options carried a put premium (skew) of about 11%, a sign traders are paying up for downside protection, and that the crypto fear and greed index stood at 26, in “fear” territory.
How did Nvidia’s CEO resignation hit crypto?
Nvidia announced that Jensen Huang had resigned as president, chief executive and board member, effective immediately. Chief financial officer Colette Kress becomes interim CEO while the board searches for a permanent successor, and Harvey C. Jones was named the company’s first chair. Nvidia gave no reason for the departure. The company said it will still report quarterly results on Tuesday 17 November as planned.
Nvidia’s shares fell more than 13% at the open, CNBC reported, and were still down around 10% in the afternoon, according to Yahoo Finance data. AI infrastructure stocks such as CoreWeave and Nebius fell sharply, though rivals AMD and Broadcom gained. Bitcoin has traded closely with tech stocks this month, so the shock to the AI trade spilled straight into crypto. Strategy (MSTR), the largest corporate Bitcoin holder, also fell about 7% at the open after MSCI confirmed it will drop the stock from its indexes from the 30 November close, Bitcoin Magazine reported. Index funds will sell MSTR shares, not Bitcoin, but a weaker share price can make it harder for the company to raise money for new purchases.
Geopolitics added to the mood. President Donald Trump wrote on Truth Social, “We don’t need a deal with Iran. Those days have long since passed,” FXStreet reported. Oil rose on the comments, which feeds the inflation worries behind the Fed hike bets.
Ether, gold and the wider market
Ether fell harder than Bitcoin this month. It traded near $1,997 at 15:34 GMT, per Yahoo Finance data, after breaking below $2,000 for the first time since 19 August, according to CryptoPotato. It is now well below its own 200-day average, which Learn2Trade calculates at about $2,150. The pressure was not limited to crypto: gold dropped more than 2% to around $3,889, according to FXStreet. See our gold news page for more.
| Market | Snapshot (12 Nov) | Source |
|---|---|---|
| Bitcoin (BTC/USD) | ~$71,340, about −3.5% (15:34 GMT); lowest close since 19 Aug | Yahoo Finance |
| Ether (ETH/USD) | ~$1,997, below $2,000 for first time since 19 Aug | Yahoo Finance |
| Spot Bitcoin ETFs | −$299.8m Wednesday; ~−$1.44bn over five days | CoinDesk / SoSoValue |
| US dollar index (DXY) | Above 103, highest since April 2025 | Investing.com |
| Gold (XAU/USD) | ~$3,889, down more than 2% | FXStreet |
| Nasdaq Composite | ~25,305, about −0.6% (15:34 GMT) | Yahoo Finance |
What it means for traders: Bitcoin levels and catalysts
This is market context, not a trade recommendation. Crypto can move several percent in minutes when liquidations cascade, so position size matters more than usual.
- Resistance: $72,000 first, the level just lost. Above that, the 200-day moving average near $73,100 (Learn2Trade calculation from Yahoo Finance data), then this week’s rebound highs around $74,700–$75,300.
- Support: $70,000 is the next round number. Below that, the 19–20 August area near $68,900–$69,300, where Bitcoin broke out of its summer range, according to Yahoo Finance daily data.
- Ether: $2,000 is the pivot. The 11 November high near $2,100 is the first hurdle above, while the 18–19 August lows near $1,885–$1,905 are the next reference below.
- Calendar: US PPI on Friday 13 November at 08:30 ET (13:30 GMT), with economists expecting a 0.4% monthly rise, according to Yahoo Finance; Nvidia results on 17 November; Fed decision on 8–9 December. Daily ETF flow data will show whether fund selling is easing.
A hot PPI print could add to the Fed hike bets that have weighed on crypto all week. A softer one could ease some pressure on yields and the dollar, but would not on its own fix weak ETF demand. Our trading-the-news strategy guide covers how to manage risk around releases like this. Follow the latest moves on our Bitcoin news page, and see the forex news hub for the dollar.
To follow prices, the calendar and research in one place, try the read-only Learn2Trade Terminal free for 14 days; it does not connect to a brokerage account. Educational trade ideas are on our crypto signals page. For broker access, one option is AvaTrade. Affiliate disclosure: we may earn a commission if you open an account via this link, at no extra cost to you.
FAQ
Why is Bitcoin going down?
Bitcoin is down because markets now expect the Fed to raise rates in December after hot US inflation data, which has lifted the dollar and Treasury yields. US spot Bitcoin ETFs have also seen five straight days of outflows, and Nvidia CEO Jensen Huang’s resignation hit tech stocks, which Bitcoin has tracked closely.
What is Bitcoin’s lowest price since August?
Bitcoin traded near $71,300 on 12 November 2026, its lowest level since mid-August, according to Yahoo Finance and Bitcoin Magazine data. On a closing basis, the last time it ended a day lower was 19 August, when it closed near $69,270 before breaking higher.
Why did Ethereum fall below $2,000?
Ether fell below $2,000 on 12 November 2026 for the first time since 19 August as the same risk-off move hit crypto. Leveraged long positions were liquidated as prices dropped. Ether has fallen further than Bitcoin this month and trades below its 200-day average near $2,150.
Did Jensen Huang resign from Nvidia?
Yes. Nvidia said on 12 November 2026 that Jensen Huang resigned as president, CEO and board member with immediate effect. CFO Colette Kress is interim CEO and Harvey C. Jones is the first board chair. Nvidia still plans to report results on 17 November.
What could move Bitcoin next?
The next big catalyst is US PPI inflation data on Friday 13 November at 08:30 ET (13:30 GMT). After that, traders will watch daily ETF flows, Nvidia’s results on 17 November and the Fed’s decision on 8–9 December. A hotter inflation reading would likely add to rate-hike pressure.
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