Key Takeaways
- • The crypto market fell 3.36% over 24 hours to $2.39 trillion, with Bitcoin hitting a 12-week low; more than $550 billion in market value has been lost since October peaks, according to the primary article.
- • Nvidia shares fell about 10% in premarket trading after reports that co-founder Jensen Huang stepped down as CEO, with finance chief Colette Kress named interim CEO; the stock later recovered above $163, regaining roughly half its losses.
- • Bitcoin fell 3.12% to $71,662.48 in 24 hours, with U.S. spot Bitcoin ETFs posting about $300 million in net outflows on Nov. 11, their fifth straight session of withdrawals.
- • MSCI's planned exclusion of Strategy and other crypto treasury companies from its indexes could force index funds to sell, while STRC trading below its $100 target makes it harder for Strategy to raise capital for Bitcoin purchases.
- • Friday's U.S. Producer Price Index report could intensify Fed rate hike fears after CPI came in hotter than expected and jobless claims rose to 200,000 versus 195,000 forecast.
Summary
The crypto market declined 3.36% over 24 hours to $2.39 trillion, with Bitcoin falling to a 12-week low. According to the primary article, more than $550 billion in market value has disappeared since crypto prices peaked in October. Bitcoin fell 3.12% in the same period to $71,662.48, and U.S. spot Bitcoin ETFs recorded about $300 million in net outflows on Nov. 11, their fifth consecutive session of withdrawals. Liquidations of crypto long positions reached $380 million over four hours.
The article identifies three risks that could extend the selloff over the next 36 hours. The first is a reported leadership change at Nvidia. Reports said co-founder Jensen Huang had stepped down as CEO after 33 years at the company, with Nvidia's board naming finance chief Colette Kress interim CEO. Nvidia shares fell about 10% in premarket trading before climbing above $163 later in the session. Because Nvidia carries substantial weight in the S&P 500 and other major indexes, and has become a bellwether for the technology sector during the AI boom, investors are watching whether the rebound can hold.
The second risk concerns Strategy, one of Bitcoin's largest corporate holders. The article reports that MSCI will exclude Strategy and other crypto treasury companies from its indexes, which could force index funds to sell their shares. Strategy uses instruments such as STRC preferred shares to raise money for Bitcoin purchases, but STRC is trading below its $100 target, a discount that makes fresh capital raising more difficult and could slow purchases. On the technical side, the article notes Bitcoin could rebound toward $72,941 if buyers defend the recent swing low of $71,239, while a break below that level could put $70,000 in view.
The third risk is Friday's U.S. Producer Price Index report, which will show whether wholesale inflation picked up in October. Consumer prices already rose more than economists expected, and a stronger PPI reading could fuel speculation about a larger Federal Reserve rate hike, which would make interest-bearing assets more attractive relative to cryptocurrencies. Thursday's report showed 200,000 initial jobless claims, above the 195,000 economists expected. Investors are also monitoring the unresolved U.S. conflict with Iran, and President Donald Trump's opposition to a deal with Tehran has added to uncertainty ahead of the inflation release.
The article identifies three risks that could extend the selloff over the next 36 hours. The first is a reported leadership change at Nvidia. Reports said co-founder Jensen Huang had stepped down as CEO after 33 years at the company, with Nvidia's board naming finance chief Colette Kress interim CEO. Nvidia shares fell about 10% in premarket trading before climbing above $163 later in the session. Because Nvidia carries substantial weight in the S&P 500 and other major indexes, and has become a bellwether for the technology sector during the AI boom, investors are watching whether the rebound can hold.
The second risk concerns Strategy, one of Bitcoin's largest corporate holders. The article reports that MSCI will exclude Strategy and other crypto treasury companies from its indexes, which could force index funds to sell their shares. Strategy uses instruments such as STRC preferred shares to raise money for Bitcoin purchases, but STRC is trading below its $100 target, a discount that makes fresh capital raising more difficult and could slow purchases. On the technical side, the article notes Bitcoin could rebound toward $72,941 if buyers defend the recent swing low of $71,239, while a break below that level could put $70,000 in view.
The third risk is Friday's U.S. Producer Price Index report, which will show whether wholesale inflation picked up in October. Consumer prices already rose more than economists expected, and a stronger PPI reading could fuel speculation about a larger Federal Reserve rate hike, which would make interest-bearing assets more attractive relative to cryptocurrencies. Thursday's report showed 200,000 initial jobless claims, above the 195,000 economists expected. Investors are also monitoring the unresolved U.S. conflict with Iran, and President Donald Trump's opposition to a deal with Tehran has added to uncertainty ahead of the inflation release.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.