Bitcoin Below $72,000: What Happened on 12 November?

Bitcoin briefly traded below $72,000 on 12 November. That was its lowest level since August. The crypto market sold off that day, and Nvidia said its chief executive had resigned.

Ether dipped under $2,000 for the first time since August. More than $650 million in crypto positions were liquidated within 24 hours. Most of them were bets on higher prices.

• The news: Bitcoin briefly fell below $72,000 on 12 November, its weakest level since August.
• The key figure: US spot Bitcoin ETFs recorded about $1.44 billion in net outflows across 5 to 11 November, according to Farside Investors.
• What happens next: Nvidia reports fiscal third-quarter results on 17 November, and MSCI removes Strategy and Metaplanet from its equity indexes after the 30 November close.

Nvidia's CEO Change Landed Mid-Selloff

The chipmaker's board announced on 12 November that Jensen Huang had resigned. He stepped down as president, chief executive and a director, effective immediately. Chief financial officer Colette Kress agreed to serve as interim CEO. The board named Harvey C. Jones as its first chair, according to the company's own announcement.

Nvidia is still due to report third-quarter fiscal 2027 results on Tuesday, 17 November. That is a scheduled checkpoint, less than a week after a trading day that already looked weak.

Long Positions Took the Damage

Crypto derivatives recorded more than $650 million in liquidations over 24 hours. Long positions, trades that gain when prices rise, made up the bulk. The figures come from CoinGlass data.

US spot Bitcoin ETFs were already losing money for their holders. Net redemptions across 5 to 11 November reached about $1.44 billion, according to Farside Investors.

Tether Shrank, and Ethereum Staking Hit a Record

Tether's USDT market capitalisation fell by $6.6 billion over 60 days, CryptoQuant data shows. That is more than double the decline recorded in December 2022.

On Ethereum, the share of ether deposited with validators rose to about 36.3% of supply, a record. Validators are the computers that secure the network. Staked ether earns rewards but is not freely tradeable.

The Inflation Print Behind the Move

US consumer prices rose 0.4% in October from the month before. Economists had expected 0.3%. After the release, traders raised the odds of a quarter-point increase at the Federal Reserve's 8-9 December meeting. They now put it at about 90%, based on CME FedWatch data.

Policy: DTCC, the SEC and Deutsche Bank

DTCC, which settles US securities trades, says its tokenisation service will connect with Solana. Its fact sheet lists the networks expected to be live at launch in 2027. They are the Canton Network, Stellar, Besu and Arc, the blockchain run by Circle. The company's depository subsidiary already provides custody and asset servicing for securities valued at $114 trillion.

The SEC proposed rules on how investment advisers and funds can hold crypto assets. The proposal would allow self-custody in certain circumstances, where an owner holds the assets directly rather than through a bank. It would also permit state trust companies to serve as custodians. Comments stay open for 60 days after the release is published in the Federal Register.

Deutsche Bank says its digital asset custody service is set to launch this year, subject to regulatory timelines. It will initially support Bitcoin, Ether and the stablecoins USDC, EURC and EURAU. The first clients are its Corporate Bank and Investment Bank customers in Europe. The service is not intended for retail clients.

Strategy and Metaplanet Leave MSCI's Indexes

MSCI confirmed that Strategy and Japan's Metaplanet will leave its relevant equity indexes after the 30 November close. The change redirects index-tracking funds away from the shares. It does not by itself require either company to sell Bitcoin. Strategy has said MSCI-linked funds held roughly 13 million of its shares, or 3.1% of basic shares outstanding. It said so when it filed its response to the consultation.

XRP Ledger's Lending Upgrade Still Short of Activation

Amendments to the XRP Ledger need two weeks of support from more than 80% of trusted validators before they activate, according to the network's documentation. A proposed lending upgrade has not reached that threshold.

What To Watch Next

Nvidia's results arrive on 17 November. MSCI's index changes take effect after the 30 November close. For Bitcoin, the level that defined the day, $72,000, is the one to watch. A move back above it would undo the 12 November reading. A close below it keeps the comparison with August alive.