Bitcoin Falls Below $73,000 for First Time Since August as Nvidia Turmoil and ETF Outflows Weigh

Bitcoin fell below $73,000 on Thursday, November 12, for the first time since August. The drop deepened through the day, and bitcoin was quoted at $71,883.42 on Binance at 14:34 UTC, down $1,616.58, or 2.2 percent, on delayed exchange data reported by Finnhub.

The open for that snapshot was $73,500. The intraday low was $71,762 and the intraday high was $74,811.45. Traders should read every price in this report with its time attached, because the level moved several times during the session.

How the fall built

Earlier on Thursday, bitcoin was down 0.7 percent since midnight UTC at around $73,400, hovering near the day low as a selloff in tech stocks spread, CoinDesk reported. Ether was down 0.5 percent at around $2,044 at that time, and the CoinDesk 80 Index was down 1 percent. Nasdaq-100 futures were down 0.6 percent.

TradingView News, carrying Stocktwits reporting, put bitcoin down 1.5 percent in the last 24 hours to around $72,900 in morning trade, with the overall cryptocurrency market down around 2 percent in the last 24 hours. The Hindu BusinessLine, carrying Bloomberg reporting, had bitcoin down as much as 1.4 percent in earlier trading and at around $73,500 as of 8:45 am in London.

CoinDesk, in a live update at 14:00 UTC, put bitcoin at $72,400 and said it had dipped below $72,500 after Jensen Huang resigned as Nvidia chief executive. Nvidia shares were down 10 percent in that update. Oil gained about $2 a barrel on the news, up 1.5 percent on the day at $87.62.

ETF outflows added pressure

US spot bitcoin ETFs recorded $299.8 million in net withdrawals on Wednesday, a fifth consecutive session of net outflows, KuCoin News reported from a BlockBeats report. Combined withdrawals since November 5 total roughly $1.44 billion.

That steady drain matters because it shows demand from the US fund channel falling at the same time as tech stocks sold off. The reports in this story link the crypto move to the turmoil around Nvidia. Nvidia shares dropped 8 percent following reports that its board was preparing to remove chief executive Jensen Huang, the KuCoin report said, and the Hindu BusinessLine report said Nvidia slumped as much as 10 percent in late US trading on Wednesday.

Huang resigned as Nvidia president, chief executive officer and board member effective immediately on November 12, and chief financial officer Colette Kress became interim chief executive, USA Today reported. That change is covered as an update to the existing Nvidia article on this site. This article covers only the market fallout in bitcoin and related trading.

A level traders are watching

Bitcoin also fell below its 50-week simple moving average of $75,153 this week, reversing a September signal. That point comes from CoinDesk Daybook analyst framing. It is analysis, not a newsroom finding, and it is reported here on that basis.

The facts confirmed so far are a price break below $73,000 for the first time since August, a further slide to $71,883.42 by 14:34 UTC, five straight days of US spot bitcoin ETF outflows totalling about $1.44 billion since November 5, and a sharp fall in Nvidia shares on the day its chief executive resigned. No report cited here calls the move more than those numbers support.

This is not financial advice. Do your own due diligence.