Bitcoin Falls to $62,081 Over the Weekend; Weekly Loss Tops 13%
Markets are closed today; the next session opens Monday, November 16, at 9:30 a.m. ET (5:30 p.m. in Istanbul). Crypto was the only major market trading over the weekend, and the selloff deepened there. Bitcoin fell as low as $62,081 in the past 24 hours, according to CoinGecko.
The weekend drop extends a breakdown that began Friday. On Friday, bitcoin fell below $70,000 for the first time since August. From a Monday open of $74,757, the weekly loss reached 13.4%, the steepest since the week of June 1 (cryptoticker).
No single crypto-specific event drove the selloff: US spot bitcoin ETFs lost $1.91B over seven sessions. CoinGlass data show $1.96B of leveraged positions liquidated in 24 hours. Like equities, crypto is pricing a 25-basis-point Fed hike in December.
A partial rebound came Sunday morning. Bitcoin climbed to $64,800 on CoinGecko, while ether fell 4.4% in 24 hours to $1,815.
The second development came from the Gulf. The Saudi-led coalition said Sunday it intercepted two ballistic missiles fired at Riyadh and three drones over the Eastern Province; no damage was reported (Reuters, Xinhua). According to Reuters, a Houthi attack last week damaged a Saudi Aramco administrative building in Riyadh.
On Nvidia, a petition calling for Huang's reinstatement passed 115,000 signatures by Saturday afternoon; Elon Musk is among the signers. The company reports earnings after the close on Tuesday, November 17.