Bitcoin traded near $71,200 on Thursday evening after hitting a fresh session low of $71,000, its weakest level since Aug. 20. The decline came as the 10-year Treasury yield climbed to 5.105%, up 12 basis points, after President Donald Trump said the United States does not need a deal with Iran. The two-year yield rose about 14 basis points to 4.867%.
U.S. stocks closed modestly lower. The Nasdaq Composite fell 0.39% to 25,366.09, the S&P 500 lost 0.35% to 7,592.40 and the Dow Jones Industrial Average declined 0.36% to 52,297.09. Nvidia shares dropped 4.3% to $166.19 after CEO Jensen Huang resigned as president, chief executive and board member, with Chief Financial Officer Colette Kress named interim CEO.
Bitcoin-linked equities suffered steeper losses. MicroStrategy (MSTR) closed at $114.41, down 6.5%, after MSCI announced it will remove the stock from its USA Index at the Nov. 30 close. BlackRock's iShares Bitcoin Trust (IBIT) finished at $40.36, down 4.5%, following nine straight days of outflows totaling $2 billion through Wednesday.
Fed funds futures price in 29 basis points of hikes in December, with a quarter-point move as the base case. The Treasury Department reported a $404 billion deficit in October, up 42% from $284 billion a year earlier, as receipts fell to $369 billion and outlays rose to $773 billion.
The Justice Department said it has court authority to seize or restrain more than $1.2 billion of cryptocurrency stolen from Binance in October's North Korea-linked heist. Binance announced it has fully covered the $6.34 billion in user losses with company funds. Gemini reported third-quarter revenue of $40.9 million, down 19%, as platform trading volume fell 73%, though its net loss narrowed 63% to $58.6 million.
Bitcoin stands roughly $30,400 below where it closed one year ago.