Bitcoin has fallen below 72,000. $BTC is around 71271 right now, down 3.55% over 24 hours, with an intraday high of 74002 and low of 71143. It’s down about 5.7% over the past 7 days. Several reports say it has hit a nearly three-month low. $ETH is at 2014, down 1.93% over 24 hours, with an intraday high of 2061 and low of 1984. It’s down 9.5% over the past 7 days, underperforming Bitcoin by quite a bit. U.S. stocks also closed lower on Thursday, and the market is now waiting for tonight’s PPI report.
BNB is at 657, down 3.32%; SOL is at 81.59, down 2.22%; XRP is at 1.04, down just 0.95% over 24 hours, but down 14.6% over the past 7 days—a rough week; DOGE is at 0.0665, down 1.56%. Among the notable movers, NEAR is at 3.41, down 5.1%, underperforming the broader market; HYPE is at 72.66, up 0.62%, one of the few holding up. Lombard (BARD) surged from around 0.08 to 0.122, up 48.6%. The volatility is extreme, so don’t mistake it for a trend.
The global crypto market cap is around 2.41 trillion, down 5.18% over the past 24 hours; Bitcoin accounts for about 59.4%. Trading volume is 69.3 billion, about 7.5% higher than the previous day—volume rose as prices fell. The CoinGecko sentiment index is at 34, in the fear zone.
These were the main points discussed overnight.
Nvidia has issued an official statement on its CEO transition: Jensen Huang is stepping down as president, CEO, and director. Tech stocks were rocked first, dragging down risk assets across the board, and Bitcoin followed, falling below 72,000. Nvidia shares ($NVDAB) closed Thursday at 166.19, down 4.34%. They hit an intraday low of 148.80, falling more than 14% at their worst, before recovering half of the losses. Some funds shifted to other chip stocks: AMD closed at 585.30, up 5.86%; Broadcom at 364.36, up 5.54%; and Arista at 206.63, up 5.06%.
After hotter-than-expected October CPI, markets have increased bets on another Fed rate hike in December, while the 10-year Treasury yield remains near 5.1%. U.S. spot Bitcoin ETFs have seen net outflows for five consecutive trading days, totaling about 1.44 billion; roughly 299 million flowed out on November 11. Some reports also cited a single-day outflow of about 130 million from BlackRock's ETHA. Trump said, “There is no need to make a deal with Iran.” Brent crude rose about 3.3% Thursday, closing at 95.82, adding to inflation concerns and safe-haven sentiment.
During the day, watch whether Bitcoin can hold near last night's low around 71,000. After PPI comes out tonight, crypto often moves along with U.S. stock futures.
The three major U.S. indexes posted modest declines on Thursday: the Dow closed at 52,297.09, down 0.36%; the S&P 500 at 7,592.40, down 0.35%; and the Nasdaq at 25,366.09, down 0.39%. The Russell 2000 was weaker, closing at 2,799.06, down 1.7%. It was briefly close to a 1% drop after the open, then pared losses toward the close, though individual stocks were sharply divided. The biggest losers included Corteva, down 24.3% to 9.19; Global Payments, down 12.0%; and Super Micro, down 11.3%. Materials and industrials led sector declines, while oil stocks held up relatively well, with Chevron gaining 1.44%.
The 10-year Treasury yield is hovering around 5.10% to 5.11%. Oil prices are another key focus. Futures are already recovering this morning: S&P 500 futures are up about 31 points, or 0.41%, from the previous settlement; Dow futures are up about 154 points; and Nasdaq 100 futures are up about 183 points, or 0.64%. This is just a rebound after Thursday's close and could reverse at any time ahead of tonight's data.
The data most likely to move markets today is October PPI, due at 21:30. The market expects a 0.4% month-over-month and 6.6% year-over-year rise; core PPI is expected to increase 0.3% month over month and 5.0% year over year. Several Fed officials will also speak during the day and evening, and U.S. stocks open at 22:30. Follow-up developments on Jensen Huang's resignation, oil prices, and rate expectations will all continue to shape market pricing.
Here are a few Binance updates that may be useful for participating and bringing in new users.
The Alpha trading competition for LAB is underway, and the early-bird multiplier is still available today. Only buy volume counts. Round one runs from November 12 at 21:00 to November 19 at 21:00; round two runs from November 19 to 26 at the same time. The top 2,000 users by eligible buy volume will split 2,570,000 LAB, with 1,285 tokens per person. The 2.0x multiplier remains in effect until 21:00 today and continues until 21:00 tomorrow, after which it decreases. You must click “Join” on the event page for your trading volume to count. See the official page for the rules.
The Alpha airdrop and trading competition resumed on November 12. There is also a Thanksgiving airdrop worth about $350,000: users with at least 200 Alpha Points as of November 6 at 23:59:59 (UTC) will automatically receive KGEN, VELO, or VELVET. No claim is needed, and no points will be deducted. Existing users can check their wallets.
The referral campaign runs through November 30. The “November Affiliate Double Star Program” has a total prize pool of 500,000 USDC: affiliates can earn up to 12,000 USDC (up to 2,000 for meeting the qualifying tier, plus up to 10,000 from the September–November leaderboard). New users who deposit $30 and complete $50 in qualifying trades can receive up to 10 USDC; limited to the first 7,500 users, while supplies last. There is also the “November Referral Competition,” with up to 3,000 USDC available across two leaderboards. There is still more than half a month left.
There is also Binance Stock University, where trading bStocks earns a share of 2,000 USDC; a button game offering a chance to win Anthropic bStocks worth $30,000 or USDC; and an extension of the 50%-off service fee for Simple Earn. bStocks trading volume has been high amid the Nvidia volatility, and price swings have been large too. Make sure you understand the rules and risks before participating.
Today, keep an eye on three things: Bitcoin's 71,000 level, PPI at 21:30 tonight, and the LAB competition's 2x early-bird multiplier, which is still available today.
Crypto and U.S. stocks carry risks, and prices can move quickly in either direction. The above is not investment advice. Refer to Binance's official page for event rules, timing, and prize pools.