Bitcoin Slips Below $70,000 as Inflation, Regulatory and ETF Pressures Mount

Bitcoin dropped below $70,000 on Friday, touching its lowest level since Aug. 20. The slide came as Asian equities firmed, with the MSCI Asia Pacific Index gaining 1%, while U.S. Treasury yields held at Thursday highs; persistent inflation worries continue to keep traders braced for further Fed rate hikes. With Democrats expected to regain control of both chambers of Congress following the midterm elections, the crypto industry now faces the prospect of tighter regulatory scrutiny next year. Institutional money keeps heading for the exits: U.S. spot Bitcoin ETFs recorded cumulative net outflows of more than $2.5 billion between Oct. 30 and Nov. 11. (Bloomberg)