Bitcoin falls to ,000 — Bitcoin was changing hands near $75,000 on Nov. 6, its weakest mark since late August, as a broad retreat in U.S. equities compounded pressures already bearing down on digital assets. Ethereum also lost ground, trading around $2,200. The twin declines came during a week when every major corner of the U.S. stock market sold off and crypto-specific setbacks sapped confidence.
Equity Rout Exposes AI Concerns
The Dow Jones Industrial Average dropped more than 1,800 points on Nov. 5, while the Nasdaq Composite fell 5.5% and moved into correction territory. Investors were increasingly anxious about the artificial intelligence trade, and the resulting risk-off mood spilled directly into cryptocurrencies.
Digital assets were already fragile before the equity plunge. The sector was still absorbing the fallout from a $6.3 billion theft at crypto exchange Binance, a record-breaking hack that U.S. authorities have linked to North Korea. At the same time, analysts pointed to unease over the future of the Clarity Act after the left-leaning Democratic Party won control of the U.S. Congress in the midterm elections. Together, the Binance breach and the legislative uncertainty were cited as drags on sentiment.
Binance Users Pull Nearly $11 Billion
Withdrawals from Binance accelerated sharply in the days after the theft. Customers removed $10.97 billion in crypto and cash from the trading platform once withdrawals resumed on Nov. 1, following the Oct. 30 hack. The scale of the exodus underscored how quickly users moved to reduce their exposure to the exchange.
Tether Discloses Large Bitcoin Position
Tether, the leading stablecoin provider, reported holding 150,000 Bitcoin valued at $11.50 billion. The disclosure appeared in the company’s latest report on the reserves backing its USDT token. Tether also said its stablecoin has more than 730 million users worldwide and that an average of 30 million digital wallets hold USDT.
Circle Trims Workforce
Stablecoin issuer Circle Internet Group announced a 5% reduction in its workforce alongside its third-quarter financial results. The company tied a $9.1 million restructuring charge to the headcount cut. Circle had 1,100 full-time employees at the start of the year, meaning the reduction eliminates roughly 55 positions.
Strategy Adds 811 Bitcoin
Strategy, the serial cryptocurrency acquirer led by Chairman Michael Saylor, resumed buying Bitcoin after a pause tied to its quarterly results. The company purchased 811 Bitcoin for $65.5 million at an average price of $80,846 between Oct. 26 and Nov. 1. Its total holdings now stand at 849,327 BTC, worth $65.9 billion.
BitGo Builds Institutional Trading Unit
Crypto infrastructure firm BitGo Holdings launched a new institutional trading and financial solutions business called BitGo Global Markets. The division combines global liquidity, execution, financing, derivatives, and settlement services. Former NYDIG executive Pete Janney is leading the unit, which follows BitGo’s acquisition of NYDIG’s institutional and trading business earlier this year.
Bitmine Resumes Buybacks
Bitmine Immersion Technologies restarted share repurchases at the end of October after a 10-week pause. The Ethereum treasury company bought 2.04 million of its own shares over the past week at an average price of $22.48, spending about $45.9 million. It was Bitmine’s first buyback since Aug. 17, and the company is working toward a goal of owning 5% of Ethereum’s circulating supply.
Morgan Stanley Tokenizes Stocks and Treasuries
Morgan Stanley became one of the first banks to use the Depository Trust & Clearing Corporation’s new tokenization infrastructure. The investment bank said on social media that it had tokenized U.S. stocks and government Treasury bonds. Advocates of tokenized equities say digital versions can trade around the clock and settle faster than traditional shares.
Bitcoin ETF Outflows Reach $430 Million in a Day
Spot Bitcoin ETFs recorded $430 million in outflows on Nov. 5 as equity markets melted down. Fidelity Investments and BlackRock led the withdrawals. For the week ended Nov. 5, about a dozen U.S.-listed Bitcoin ETFs saw cumulative outflows of $869.8 million. The ETF selling coincided with Bitcoin’s more than 5% decline to $75,000.
Hut 8 Shares Tumble on Results
Hut 8 stock fell as much as 18% on Nov. 4 after the Bitcoin miner turned data centre operator reported weaker-than-expected quarterly results. The company posted an earnings per share loss of $1.23, wider than the $1.06 loss analysts had expected. Revenue of $71.07 million fell short of the $75.8 million consensus estimate. Hut 8, which is building data centres to run AI models, also said its loans and liabilities grew to $7.41 billion as of Sept. 30.
Mercado Bitcoin Hit by $46.3 Million Theft
Brazil’s largest cryptocurrency exchange, Mercado Bitcoin, said a security incident cost it $46.3 million in lost assets. The exchange said customers were not affected and that no data breach occurred. It published the wallet addresses receiving the stolen crypto to help security firms track the assets. The incident came days after the record Binance theft.
