Bitcoin holds near $75,800 as fear turns extreme and US cuts off MEXC
Bitcoin traded at $75,826, down 0.57% in 24 hours, as Fear & Greed fell to an extreme-fear 25 and the US Treasury cut MEXC off from the US financial system.
Live chart · BTCUSD, ETHUSD, XRPUSD · TradingView
Bitcoin held near $75,800 while crypto sentiment slid into extreme fear, as the market failed to recover from Thursday's AI-led stock rout. Late on Friday, the US Treasury cut crypto exchange MEXC off from the US financial system, adding a fresh regulatory shock to an already nervous market.
Bitcoin
Bitcoin traded at $75,826 in CoinGecko data as of 00:54 UTC on 7 November. That is down 0.57% over 24 hours and 1.41% over seven days. The 24-hour range ran from $74,921 to $76,280, and trading volume was $28.7 billion.
The price is little changed from our last recap near $75,600. Cointelegraph reported that Bitcoin dipped under $75,000 on Friday and missed a rebound in tech stocks. It said the strong US payrolls report increased bets on a December interest-rate hike. CoinDesk reported that the US added 165,000 jobs in October against a 65,000 estimate, with unemployment falling to 4.1%. For the currency side of that story, see our sister site's coverage of the dollar's rebound after the payrolls beat.
Ether and the majors
Most large coins moved less than 1% over the day. XRP was the exception, extending its losses.
| Coin | Price (USD) | 24h % | 7d % |
|---|---|---|---|
| Ether (ETH) | 2,238.07 | -0.23 | +0.13 |
| BNB | 693.43 | -0.11 | -0.96 |
| XRP | 1.18 | -3.27 | -5.83 |
| Solana (SOL) | 90.10 | -0.05 | -5.98 |
| Dogecoin (DOGE) | 0.072409 | +0.20 | -4.23 |
| Cardano (ADA) | 0.184062 | -0.10 | -5.34 |
Ether is the only major in the table that is up over seven days. Solana, XRP and Cardano are each down more than 5% on the week.
Breadth and sentiment
Total crypto market capitalisation stood at $2.568 trillion, down 2.61% in 24 hours. Bitcoin dominance was 59.2% and Ether dominance 10.6%.
The Alternative.me Crypto Fear & Greed Index fell to 25, labelled Extreme Fear, from 28 a day earlier. Two days ago it read a neutral 50. Today's reading is the lowest in the past eight days, below the 26 seen on 3 November after a wave of exchange hacks.
The news drivers
- MEXC cut off. Decrypt reports that a FinCEN order bars US institutions from any transfers to or from MEXC. Treasury says the exchange facilitated $16 billion in illicit finance tied to Iran, North Korea and Russia. Cointelegraph confirmed the order covers MEXC Global.
- ETF outflows. According to Decrypt, US spot Bitcoin ETFs lost $430 million on Thursday, led by Fidelity and BlackRock funds, as the tech sell-off rattled risk assets.
- Another breach. Cointelegraph reports that crypto card provider Gnosis Pay suffered a breach exposing card details and personal data. The company said customer funds remained safe.
- Binance hack funds. Elliptic told Decrypt that $3.1 billion in stolen Binance crypto has yet to be laundered, with most of the stolen ETH and Bitcoin still unmoved.
- Corporate buying. Cointelegraph reports that Strive bought 15,124 BTC in October, bringing its holdings to 43,124 BTC.
- Tax rules. Decrypt reports that Greece passed a crypto tax law with a 10% levy on gains and 15% on staking and DeFi income.
What to watch next
- US inflation data. CoinDesk said next week's inflation numbers and the stock market's direction could matter more than payrolls for December rate-hike odds.
- Russia's rollout. Cointelegraph reports that Russia's retail crypto trading rules take effect on 17 November, covering BTC, ETH and USDT, with Moscow Exchange planning to launch crypto trading in December.
- Stolen Binance funds. Any movement of the unlaundered $3.1 billion that Elliptic is tracking.
- MEXC fallout. Further details on how the FinCEN order is applied to US institutions.
How we make this article: software gathers the market data and the news from the sources linked in the article, then cross-checks them. AI writes the text. People choose the sources, set the rules and run the process. Not investment advice.