Bitcoin Falls to 12-Week Low: Selling Pressure Increases in the Crypto Market! Here Are the Details

Bitcoin fell to its lowest level in nearly 12 weeks, affected by the uncertainty created in global markets by the sudden resignation of Nvidia CEO Jensen Huang and changes in MSCI indices. Daily losses for Bitcoin exceeded 3.5%, while weekly losses surpassed 8%.

Ethereum, Solana, and XRP also lost more than 3.5% of their value in the last 24 hours. According to CoinGlass data, liquidations in the crypto market exceeded $750 million, with over $634 million of that coming from long positions.

Nvidia’s CEO and board member Huang resigned, and finance director Colette Kress was appointed as interim CEO. The company’s shares opened 12 percent lower on Thursday.

On the other hand, MSCI announced that it will remove Strategy and Metaplanet, known for their Bitcoin reserves, from its respective indices at the close of trading on November 30. The decision was made under new eligibility rules that evaluate the companies’ operational structure.

Ethereum research group Ethlabs has suggested that the planned network update to address quantum computing threats be brought forward from 2029 to 2027.

The U.S. Securities and Exchange Commission (SEC) sided with the CFTC in a legal dispute concerning perpetual futures contracts based on stocks.

Additionally, Tron, Tether, and Chainalysis have formed a new working group to combat illegal USDT transactions.

Markets are focused on the US producer price index data to be released, while investors continue to monitor the impact of macroeconomic developments on crypto assets.

*This is not investment advice.