Weekly Wrap: Bitcoin Falls Below $70,000 As Crypto Selling Worsens

Bitcoin (CRYPTO: $BTC) was trading below $70,000 U.S. on Nov. 13 and headed for a weekly loss of nearly 10% as the selling in cryptocurrencies continues. Bitcoin was changing hands at $69,100 U.S. at week’s end, having dropped 9% in the past five trading sessions. Ethereum (ETH), the second largest cryptocurrency, also continues to struggle and is now trading below the key support level of $2,000 U.S. 

Crypto prices have declined for six consecutive weeks amid persistent volatility in the stock market as investors grow increasingly nervous about the artificial intelligence (A.I.) trade. 

Bitcoin is also being pressured by steady outflows from exchange-traded funds (ETFs) that track its spot price. Market data shows that outflows from Bitcoin ETFs have topped $1.56 billion U.S. for the year.

Pressure on cryptocurrencies has increased since crypto exchange Binance disclosed on Oct. 30 that it had lost $6.3 billion U.S. worth of digital assets in a hack of its trading platform. The Binance theft has shaken investor confidence in crypto and is largely responsible for the continued decline in digital asset values, say analysts. Expectations for higher interest rates and the resignation of Nvidia (NASDAQ: $NVDA) CEO Jensen Huang are also pressuring risk assets such as crypto. 

Here’s what else happened with digital assets over the past week… 

U.S. Seizes $1.2 Billion Of Crypto Stolen From Binance: The U.S. government seized $1.2 billion U.S. worth of cryptocurrencies stolen from Binance. The U.S. Department of Justice announced the seizure along with a pledge to tackle cyber crimes originating from North Korea. 
American authorities have accused North Korean hacker group “TradeTraitor” of carrying out the hack at Binance that saw $6.3 billion U.S. stolen from the crypto exchange. TradeTraitor is said to be linked to the North Korean military.

Strategy’s Bitcoin Holdings Top 850,000: Crypto treasury firm Strategy (NASDAQ: $MSTR) bought more Bitcoin, pushing its holdings to more than 850,000 digital tokens. Strategy acquired another 1,036 BTC during the week ended Nov. 6 at a cost of $81.9 million U.S. The company bought more Bitcoin at an average price of $79,012 U.S. per token. Strategy now owns a total of 850,364 Bitcoin, representing more than 4% of its circulating supply. 

Bitmine Reports $6 Billion Net Loss: Bitmine Immersion Technologies (NYSE: $BMNR) reported a $6.23 billion U.S. net loss for the fiscal year ended Aug. 31. The crypto treasury firm, led by Chairman Tom Lee, blamed the hefty loss on a decline in the value of Ethereum, which it is steadily accumulating. Along with the $6 billion U.S. loss, Bitmine reported $124.8 million U.S. in yearly revenue. The company said that 97% of its revenue came from staking its Ethereum holdings.

Gemini Sells U.K. And European Operations: Gemini (NASDAQ: $GEMI) has sold its British and European operations. The crypto exchange run by twin brothers Cameron and Tyler Winklevoss sold its United Kingdom (U.K.) and European operations to stablecoin payments firm KAST. The sale price is reported to have been a little less than $10 million U.S. Earlier this year, Gemini announced its intention to pullback from international markets and restructure its business to reduce costs and pursue profitability.

JPMorgan Chase Increases Crypto Exposure: JPMorgan Chase (NYSE: $JPM), the largest U.S. commercial bank, has increased its exposure to cryptocurrencies. The New York-based lender increased its stake in crypto treasury firm Strategy by 36% to 848,932 shares of the company’s common stock as of Sept. 30. JPMorgan also raised its stake in BlackRock’s (NYSE: $BLK) iShares Bitcoin Trust (NYSE: $IBIT) by 10% during the year’s third quarter. Other crypto stocks reported by the bank in its latest filing include Coinbase Global (NASDAQ: $COIN) and Robinhood Markets (NASDAQ: $HOOD).

Donald Trump Jr. Ends Advisory Role At Kalshi: Donald Trump Jr., the eldest son of the U.S. president, has stepped down from his advisory role at prediction market Kalshi. Trump Jr.’s venture capital firm, 1789 Capital, holds big financial stakes in both Kalshi and rival platform Polymarket. Trump Jr. is viewed as a key supporter of prediction markets in Washington, D.C. where they face scrutiny and accusations that they run illegal gambling operations. Kalshi said Trump Jr.’s exit began in August of this year after his venture capital firm took a major stake in Polymarket.

Deutsche Bank Launches Crypto Custody: German lender Deutsche Bank (NYSE: $DB) has officially launched its cryptocurrency custody service for institutional and corporate clients in Europe. The new service allows customers to store and transfer Bitcoin, Ethereum, and an assortment of stablecoins through the German bank. Deutsche Bank said its service gives it the ability to manage digital wallets and private keys on behalf of its large corporate clients that include asset managers, hedge funds, and sovereign wealth funds.

Ledger CEO Says ‘Everybody Will Be Hacked’: The CEO of crypto firm Ledger is warning of growing vulnerabilities related to digital assets. In a media interview, Ledger CEO Pascal Gautier said that hacks such as the recent one at crypto exchange Binance are likely to become more common place. “Everybody will be hacked at some point,” said Gautier. Ledger is a French crypto hardware wallet maker. The company is heavily invested in the security of digital assets, making Gautier’s comments particularly stark.

Polymarket Cuts Jobs: Multiple media reports say Polymarket cut its workforce and ended contractor agreements as it faces increased competition in the prediction market industry. Polymarket has not announced a specific number of job cuts. But multiple media reports say the company is reorganizing as it faces stiff competition, particularly from archrival Kalshi. Polymarket CEO and co-founder Shayne Coplan is reported to be under pressure to bring more discipline to the business ahead of a potential initial public offering (IPO) in 2027.

Ethereum Developers Accelerate Work On Quantum Defenses: Ethereum developers say they are accelerating work on defenses against quantum computers following a series of recent hacks that have raised concerns about current and future threats. Research group Ethlabs says it is moving up its timeline to improve defense against hacks by powerful quantum computers to 2027 from a previous target of 2028. There are worries that quantum computers will be able to break the cryptography and private keys that protect Ethereum and other crypto held in digital wallets.