Bitcoin Breaks $70K as Nvidia Shake-Up and Rate Bets Hit Markets

Bitcoin fell below $70,000 for the first time since mid-August, touching $67,555, and more than $1.3 billion in futures positions were liquidated over 24 hours, according to TradingView analyst moonypto. Of that total, $677 million came from BTC positions alone. ETH also slipped under $2,000. The crypto breakdown did not happen in isolation: it collided with an oil spike, a repricing of Federal Reserve policy, and a sudden leadership rupture at Nvidia.

What pushed oil and rates higher?

Trump said there is no need for a deal with Iran: "We've got their strait," signaling that the blockade and sanctions stay in place. Tehran denies any negotiations and insists the Strait of Hormuz remains closed until its seven conditions are met. Trump then added he would consider a military strike on Cuba. As moonypto put it: "Now you see what I have to deal with."

The numbers followed the headlines:

• Brent settled 3.3% higher at $95.82 a barrel; WTI climbed to $88.74. Both still head for a second straight weekly decline.
• US crude inventories added 4.7 million barrels against an expected 1.1 million-barrel drawdown.
• October CPI printed 0.4%, with core inflation at 0.3% for a third consecutive month.

That CPI reading matters because it is the kind of figure Fed Governor Waller flagged when discussing a possible 50-basis-point move. The 10-year Treasury yield jumped 13 basis points to 5.125%; the 2-year climbed 15 basis points to 4.879%. Markets now fully price a December hike, assign roughly 13% odds to a 50-basis-point increase, and see about 88 basis points of additional tightening by mid-2027, up from 78 before the CPI release. A 30-year auction cleared at 5.441% with a 0.4-basis-point tail, and dealers absorbed 11.4% of issuance, their largest share since June. October PPI comes next, with expectations of 0.4% after September's 1.3% jump. Rates, not crypto fundamentals, set the tone.

Is the strong dollar exporting the stress?

The DXY sits at 103.18, near its highest since April 2025 and up 0.9% for the week. USD/JPY briefly crossed 160.03, its first move above 160 since early September. Japan's Katayama warned against one-sided currency moves and signaled coordination with the US Treasury, days after the New York Fed confirmed Washington bought yen in July. The 10-year JGB rose roughly 7 basis points to 2.87%. Gold sank to a one-year low below $3,860 before recovering toward $3,880. A stronger dollar and higher real yields remain a standing headwind for non-yielding assets.

How bad is the Nvidia shock?

Jensen Huang stepped down as Nvidia CEO with immediate effect; CFO Colette Kress becomes interim CEO and Harvey Jones the company's first-ever board chair. NVDA closed 4.34% lower at $166.19 after falling as much as 10% premarket.

The damage stayed contained. The S&P 500 slipped just 0.35% to 7,592.40; the Russell 2000 lost 1.66%; the VIX closed at 18.70. In Asia, the Hang Seng fell 1.3%, with Alibaba down 6.8% on reports of potential US restrictions on Chinese AI firms' access to advanced chips. Nvidia reports earnings November 17 — a date that will test whether investors treat the shake-up as a governance event or a signal about AI demand. The muted VIX says the market currently sees the former; that judgment has not been proven.

Why did Bitcoin break down now?

Spot Bitcoin ETFs recorded $1.44 billion in net outflows between November 5 and 11, with daily withdrawals of $430.2 million, $411.9 million, $201 million, $95 million and $299.8 million. November 9 finished negative after IBIT's $213.2 million outflow was finalized. Institutional money was leaving before the price broke, not after.

One more headwind is scheduled. MSCI plans to remove Strategy from its indexes at the November 30 close, and sell-side estimates put the resulting selling pressure at roughly $2.8 billion. A known, dated supply overhang is rare in crypto; it gives bears a concrete target.

The open questions moonypto leaves unanswered: does the PPI print push the odds of a 50-basis-point December hike higher, or does Tokyo intervene around 160 before the Fed moves? Bitcoin's next leg depends more on those two prints than on anything in its own order books.