Bitcoin Slides 14% in a Week to Near $65,000

Bitcoin traded near $65,200 on Saturday morning, down about 14% over the past week after touching roughly $65,000, according to Bitcoin Magazine Pro data. The drop took bitcoin below the Friday low of roughly $67,555 to its weakest level since mid-August. It was around $65,600 on Saturday, about 13% below its level a week earlier, and near $65,100 at the time of writing. A week earlier, on Nov. 7, bitcoin traded around $75,750. News that Nvidia chief executive Jensen Huang resigned on Thursday accelerated the decline. The leadership change triggered selling in AI stocks and may have pushed bitcoin below $72,000. Bitcoin approached $71,000 on Thursday evening, then fell to about $67,555 around midnight Eastern on Friday, its lowest price since August. It rebounded toward $69,800 on Friday morning. The producer-price release briefly lifted it above $70,000, but the move lasted only minutes. Bitcoin stayed below $70,000 Friday afternoon, trading around $68,900. Fresh selling Friday evening pushed it into the mid-$66,000s. It stabilized briefly around $67,000 overnight. Selling resumed after 8 a.m. ET Saturday, and bitcoin reached about $65,500 in the 10 a.m. hour, below the Friday trough. The Labor Department said the final-demand Producer Price Index rose 0.3% in October, below the 0.4% increase economists expected. The unadjusted index was up 6.5% from a year earlier, the biggest 12-month gain since November 2022. The 10-year Treasury yield reached a four-week peak of 5.17% on Friday before ending at 5.15%. The U.S. dollar index held at a 19-month high, its strongest reading since April 2025. Boston Fed President Susan Collins said Friday that soon some additional tightening of Fed monetary policy may be appropriate. San Francisco Fed President Mary Daly said policymakers will in all likelihood raise interest rates. CME FedWatch data showed traders fully pricing a quarter-point increase at the Federal Reserve December 8-9 meeting. Higher rates raise the cost of holding bitcoin, which pays no interest income. Dollar strength has pressured bitcoin for much of November. Semiconductor stocks also weakened. The iShares Semiconductor ETF lost more than 3% on Friday. Advanced Micro Devices shares fell more than 8%. The Nasdaq 100 ended 1.22% lower. U.S. equity and bond markets were closed Saturday, although Friday levels continued to shape weekend trading. Nvidia is scheduled to report third-quarter results Tuesday under interim CEO Colette Kress, its first earnings release since Huang left. BlackRock iShares Bitcoin Trust (IBIT) lost $2 billion over nine straight days of outflows through Wednesday. Spot bitcoin ETFs recorded a sixth consecutive day of net outflows on Thursday. Weekend trading usually has lower liquidity, leaving bitcoin more vulnerable to sharp moves in either direction. Bitcoin mining difficulty fell 9.13% at 12:02 a.m. ET Saturday at block 975,744, from about 148.36 trillion to 134.82 trillion. It was the largest reduction since June and offered some relief to miners. The network recalibrates difficulty every 2,016 blocks to keep average block time near 10 minutes. Traders will watch whether bitcoin stays below the Friday low of $67,555. They will also monitor whether Nvidia Tuesday results prolong the chip-stock weakness that has accompanied the bitcoin decline this week. Further yield increases when markets reopen could keep pressure on bitcoin, with a December rate increase fully priced and the dollar at a 19-month high.