Bitcoin traded near $71,200 Thursday evening after sliding to a fresh session low near $71,000, according to Bitcoin Magazine Pro data. The decline marks the cryptocurrency's weakest level since August 20 and leaves it roughly $30,400 below its closing price one year prior.
The selling began in the morning as bitcoin fell below $72,000 before U.S. market open and dropped to approximately $71,150 shortly after 10 a.m. Eastern. A brief recovery faded by late afternoon, with the session low printed around 6:23 p.m.
Stock and Yield Movements
U.S. equity markets closed modestly lower. 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. The weakness intensified in bitcoin-linked equities, with Grayscale Bitcoin Mini Trust (BTC) down 6.5% to $114.41 and BlackRock's iShares Bitcoin Trust (IBIT) down 4.5% to $40.36 after experiencing $2 billion in outflows over nine consecutive days through Wednesday.
The 10-year Treasury yield rose approximately 12 basis points to 5.105%, reaching its highest level since October 21. The two-year yield climbed about 14 basis points to 4.867%. Higher yields increase the opportunity cost of holding assets that generate no interest, a headwind for bitcoin throughout the week.
Economic and Market Drivers
Fed funds futures are pricing in approximately 29 basis points of rate increases in December, with a quarter-point move as the base case. The Treasury Department reported a $404 billion deficit for October, the first month of fiscal 2027, up 42% from $284 billion a year earlier, reflecting receipts of $369 billion against outlays of $773 billion.
Brent crude settled at $95.82 a barrel, up 3.3%, after escalating attacks on Saudi energy infrastructure.
Cryptocurrency Developments
The Justice Department announced it has court authority to seize or restrain more than $1.2 billion in cryptocurrency stolen from Binance in October's North Korea-linked breach, halting approximately half the stolen funds. Binance confirmed it has fully covered the $6.34 billion in user losses using company funds.
Gemini reported third-quarter revenue of $40.9 million, down 19% as platform trading volume fell 73%, though its net loss narrowed 63% to $58.6 million.
