Bitcoin Price Trades Near $71,200 After a Fresh Session Low as the 10-Year Yield Holds Above 5%

Bitcoin Magazine

Bitcoin Price Trades Near $71,200 After a Fresh Session Low as the 10-Year Yield Holds Above 5%

Bitcoin price traded near $71,200 on Thursday evening, after slipping to a fresh session low near $71,000, according to Bitcoin Magazine Pro data. U.S. stocks closed modestly lower and the 10-year Treasury yield held above 5% after Nvidia said CEO Jensen Huang had resigned.

The decline started in the morning. Bitcoin price fell below $72,000 before the opening bell and dropped to about $71,150 shortly after 10 a.m. Eastern. A bounce later faded, and the bitcoin price printed a new session low near $71,000 around 6:23 p.m., its weakest level since Aug. 20. It now stands roughly $30,400 below where it closed one year ago.

Stocks close lower as yields keep pressure on the bitcoin price

The Nasdaq Composite slipped 0.39% to 25,366.09, the S&P 500 lost 0.35% to 7,592.40 and the Dow Jones Industrial Average fell 0.36% to 52,297.09, Reuters reported. Nvidia shares finished 4.3% lower at $166.19, off the day’s lows, after the company said Huang had resigned as president, chief executive and a board member, effective immediately, and named Chief Financial Officer Colette Kress interim CEO.

Bitcoin-linked stocks had a harder session. Strategy (MSTR), which MSCI is removing from its USA Index at the Nov. 30 close, finished at $114.41, down 6.5%. Shares of BlackRock’s iShares Bitcoin Trust (IBIT), which had bled $2 billion over nine straight days of outflows through Wednesday, closed at $40.36, down 4.5%.

The bond market did much of the afternoon work. The 10-year Treasury yield rose about 12 basis points to 5.105% and reached 5.12%, its highest since Oct. 21, after President Donald Trump said the United States does not need a deal with Iran, Reuters reported. The two-year yield, which tracks Federal Reserve expectations most closely, climbed about 14 basis points to 4.867%. Brent crude settled at $95.82 a barrel, up 3.3%, after attacks on Saudi energy infrastructure escalated.

Fed hike bets, a $404 billion deficit and a busy evening of crypto news

Higher yields reflect a market that still expects the Fed to tighten again next month. Fed funds futures are pricing in 29 basis points of hikes in December, a quarter-point move as the base case with only slim odds of a half-point step, Reuters reported. Rising rates raise the cost of holding an asset that pays no interest, and that has weighed on the bitcoin price all week.