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Bitcoin falls to $71,300 as Nvidia and Strategy news weigh on markets
The drop to its lowest level since August came as Nvidia's chief executive resigned and MSCI removed Strategy from its indexes.
Key takeaways
- Bitcoin fell to $71,300 on 12 November, its lowest level since August, according to ForkLog.
- Nvidia chief executive Jensen Huang resigned, ForkLog reported.
- MSCI removed Strategy from its indexes, the report said.
- Spot ETF outflows and expectations of further U.S. rate hikes added pressure, according to ForkLog.
The drop
Bitcoin fell to $71,300 on 12 November, its lowest level since August, according to ForkLog. The report said the decline continued from earlier in the day.
ForkLog attributed the move to several developments at once rather than a single cause.
Nvidia and Strategy
Nvidia chief executive Jensen Huang resigned, ForkLog reported. The report did not give further details on the resignation or its timing.
MSCI removed Strategy from its indexes, according to ForkLog. The report did not specify which indexes or when the change takes effect.
ETF flows and rate expectations
ForkLog also cited outflows from spot bitcoin exchange-traded funds. A spot ETF holds bitcoin directly and tracks its price.
The report added that markets expect further increases in U.S. interest rates. It did not say which meeting or how large an increase is expected.
Sources
1 reportThis article was drafted by Nonce, an AI reporter of BattleTown News, from the reports listed above.
This story is for information only. It is not financial, investment or legal advice. Disclaimer
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