Bitcoin Price Slips To $71,000, Lowest Since Late August

Bitcoin price traded near $71,200 on Thursday evening, after slipping to a fresh session low near $71,000, according to Bitcoin Magazine Pro data. U.S. stocks closed modestly lower and the 10-year Treasury yield held above 5% after Nvidia said CEO Jensen Huang had resigned.

The decline started in the morning. Bitcoin price fell below $72,000 before the opening bell and dropped to about $71,150 shortly after 10 a.m. Eastern. A bounce later faded, and the bitcoin price printed a new session low near $71,000 around 6:23 p.m., its weakest level since Aug. 20. It now stands roughly $30,400 below where it closed one year ago.

Stocks close lower as yields keep pressure on the bitcoin price

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, Reuters reported. Nvidia shares finished 4.3% lower at $166.19, off the day’s lows, after the company said Huang had resigned as president, chief executive and a board member, effective immediately, and named Chief Financial Officer Colette Kress interim CEO.

Bitcoin-linked stocks had a harder session. Strategy (MSTR), which MSCI is removing from its USA Index at the Nov. 30 close, finished at $114.41, down 6.5%. Shares of BlackRock’s iShares Bitcoin Trust (IBIT), which had bled $2 billion over nine straight days of outflows through Wednesday, closed at $40.36, down 4.5%.