Bitcoin drops below $71,000 as Fear & Greed sinks to extreme fear

Bitcoin slipped below $71,000 as the sell-off that followed Jensen Huang's exit from Nvidia ran into another session. The wider market fell harder than Bitcoin, and the Crypto Fear & Greed Index dropped into extreme fear for the first time since Nov. 7.

All prices below are from a CoinGecko snapshot taken at 01:48 UTC on Nov. 13, using rolling 24-hour and 7-day windows.

Bitcoin

Bitcoin traded at $70,861, down 3.75% over 24 hours and 6.53% over seven days. Its 24-hour range ran from $70,792 to $73,944, so the snapshot sits just above the low of the day. In our last update Bitcoin stood at $71,923. Spot volume over 24 hours was $28.6 billion.

Cointelegraph reported earlier that Bitcoin had fallen to its lowest level since Aug. 20 as tech stocks slid after Huang stepped down. The price has since moved lower still. Follow the BTC/USD chart.

Ether and the majors

Ether briefly dipped under $2,000, with a 24-hour low of $1,983.64, before trading at $2,008.51. Its 24-hour loss was milder than Bitcoin's, but it is down more than 10% on the week. XRP has the worst weekly showing among the majors. Cardano was the only one in the green over 24 hours. See the ETH/USD chart.

Breadth and sentiment

Total crypto market capitalisation stood at $2.401 trillion, down 5.68% in 24 hours, according to CoinGecko. That is a steeper drop than any of the majors in the table, which points to broad selling beyond the largest coins. Bitcoin dominance was 59.3% and Ether's share was 10.2%.

The Alternative.me Fear & Greed Index fell to 20 (Extreme Fear) from 28 a day earlier. It has now declined for three straight readings after touching 32 on Nov. 10. The last extreme fear reading was 25 on Nov. 7.

What drove the market

• Nvidia fallout continues. Cointelegraph reports, citing Reuters, that Huang had a relationship with another Nvidia employee, published hours after his resignation.
• Strategy under pressure. Strategy shares fell 5% on Thursday after MSCI's decision to remove the company from its indexes, as Bitcoin also fell, according to Cointelegraph.
• US moves on North Korean hack funds. CoinDesk reports that the DOJ is targeting $1.2 billion stolen in the Binance hack. Decrypt says the FBI linked a deepfake video-call scheme, "FaceStealer", to as much as $400 million in thefts.
• Regulator nominees. President Trump named two potential commissioners each to the SEC and CFTC, the first such nominations in a year, CoinDesk reports.
• Weak retail activity. Gemini's quarterly retail trading volume sank to a three-year low, per Cointelegraph. Separately, Maple Finance's co-founder and COO are leaving over strategy disagreements, Cointelegraph reports.

On the macro side, our sister site covered how hawkish Fed bets pushed USD/JPY near 160.

What to watch next

1. Illinois crypto tax case. The DOJ, banks and a DeFi coalition filed briefs backing a lawsuit against the state's 0.2% levy, Decrypt reports.
2. SEC and CFTC nominees. How the new nominations progress, per CoinDesk.
3. DOJ seizure effort. Further steps on the $1.2 billion Binance hack funds.
4. Tokenization plans. DTCC targets a 2027 rollout of tokenized stocks, ETFs and Treasuries on Solana, according to CoinDesk. xStocks plans to add hundreds of Hong Kong-listed equities in the coming weeks, Cointelegraph reports.

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