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Bitcoin Falls to $71,000, Near a Three-Month Low

Bitcoin Falls to $71,000, Near a Three-Month Low

Bitcoin (BTC) fell to around $71,000 after U.S. stock markets opened on Thursday, November 12. By 10:55 a.m. ET, Bitcoin was trading just above $71,000, down 3.4% over the previous 24 hours. It was the cryptocurrency’s lowest price in nearly three months.Bitcoin falls more than 18% from its September peakBitcoin reached an eight-month high of $87,315 in September. Thursday’s decline brought its losses since that peak to more than $16,000, a drop of over 18% in less than two months.The sell-off accelerated as the U.S. trading day began. Bitcoin traded at $73,370 around 6:30 a.m. ET and had fallen to $71,300 by 10 a.m., half an hour after U.S. stock markets opened. At that point, Ether (ETH), Solana (SOL) and XRP were also down about 3% over the previous 24 hours. Bitcoin had already given up a sizable portion of its gains heading into the week. On Sunday, BTC closed below its 50-week moving average of roughly $75,500 after seven consecutive weeks above it. In the 24 hours leading up to Monday morning, crypto exchanges liquidated $1.04 billion in leveraged long positions.Markets price in a December Fed rate hikeU.S. inflation data added to concerns about interest rates earlier in the week. Figures released on Tuesday showed that consumer prices rose 0.4% in October from the previous month, above the 0.3% increase economists had expected. Core inflation, which excludes food and energy prices, also exceeded forecasts at 0.3% for the month.On Thursday, Cleveland Fed President Beth Hammack said price pressures were spreading across more categories. She called for tighter monetary policy and said she favored smaller, steady rate increases. The yield on the two-year U.S. Treasury rose to 4.80% during the session.As Bitcoin approached $71,000, markets put the odds of a quarter-point rate hike at the Fed’s December 9 meeting at 94%. Around the same time, the 10-year Treasury yield climbed above 5%, and the U.S. Dollar Index rose above 103.Bitcoin ETFs shed $1.44 billion in five trading daysU.S. spot Bitcoin exchange-traded funds (ETFs) recorded a fifth consecutive trading day of net outflows on Wednesday. Investors withdrew a net $299.9 million on November 11, according to SoSoValue, bringing total net outflows over the five sessions to approximately $1.44 billion.BlackRock’s IBIT accounted for most of Wednesday’s withdrawals. Investors pulled nearly $270 million from the fund, extending its outflow streak to nine trading days. Grayscale’s GBTC recorded another $39 million in net outflows.Morgan Stanley’s MSBT was the only one of the 12 spot Bitcoin ETFs to attract fresh money on Wednesday, taking in about $9 million. The other nine funds recorded no net flows. Despite the recent withdrawals, cumulative net inflows across U.S. spot Bitcoin ETFs stood at roughly $55 billion since their January 2024 launch.

Nov 12, 2026
Visa to Add Western Union’s Stablecoin to Its Network

Visa to Add Western Union’s Stablecoin to Its Network

Visa and Anchorage Digital have agreed to let financial institutions use USDPT, Western Union’s dollar-pegged stablecoin, to settle payments on VisaNet. In a statement shared with The Block, Anchorage Digital said Visa and its eligible partners will be able to settle obligations arising from card transactions directly in USDPT.How will USDPT work on VisaNet?When a customer pays with a Visa card, the financial institutions involved settle the payment after the transaction is approved at checkout. This is where USDPT comes in.A bank, for example, will be able to use USDPT to pay Visa what it owes for its customers’ card purchases. Cardholders won’t need to open a crypto wallet or buy USDPT.USDPT is the first stablecoin the two companies have included in the agreement. Visa and Anchorage have also agreed on a framework for evaluating other stablecoins issued by Anchorage Digital Bank.Anchorage has issued USAT for Tether, USDGO for OSL Group and USDtb for Ethena Labs. The companies have yet to name a second token or give a timeline for adding one to VisaNet.Western Union launched USDPT on Solana in MayWestern Union launched USDPT on Solana on May 4. Anchorage Digital Bank, a federally regulated U.S. bank, issued the token, while Fireblocks provided the wallet and settlement infrastructure. One of Western Union’s first uses for USDPT was to move funds between the company and its local agents.The Philippines and Bolivia were the first two markets where Western Union introduced USDPT. The company’s long-term goal is to settle payments around the clock across its network, which spans more than 200 countries. The Visa agreement will extend USDPT’s use beyond Western Union’s agent network to financial institutions that participate in VisaNet.Anchorage Digital CEO Nathan McCauley said financial institutions care as much about who issues a digital currency and how that issuer is regulated as they do about transaction speed. Anchorage sees the Visa partnership as part of its effort to become a stablecoin settlement bank for institutional clients. Alongside issuing tokens, the bank aims to hold digital assets on behalf of institutions and settle payments they make with those assets.Visa’s annualized stablecoin settlement volume reaches $20 billionVisa reported in September that its stablecoin settlement volume had reached an annualized rate of $20 billion. The figure represents the volume Visa would settle in a year if September’s pace held. According to Visa, that rate was more than 15 times the level recorded a year earlier.Visa has also expanded the list of blockchains it supports for settlement. After adding Canton, Base and Tempo, Visa brought Monad into the program on November 10. Monad brought the number of networks available to participating institutions to 10, while the Anchorage agreement adds USDPT to the digital currencies they can use for settlement.

Nov 12, 2026
MSCI to Remove Strategy and Metaplanet From Its Indexes

MSCI to Remove Strategy and Metaplanet From Its Indexes

MSCI will remove Strategy and Metaplanet, two publicly traded companies known for their Bitcoin holdings, from its indexes. The changes take effect at the close of trading on November 30, 2026, when Strategy will leave the MSCI USA Index and Metaplanet will leave the MSCI Japan Small Cap Index. Strategy shares fell 2.5% in after-hours trading following the announcement.Strategy will also lose its place in the MSCI World Index, which tracks stocks across developed markets. Both Strategy and Japan’s Metaplanet fall under MSCI’s new rules for companies that share characteristics with investment funds.Strategy Estimated $2.8 Billion in Potential Share SalesFunds that replicate MSCI indexes will see the most direct impact. To track an index’s performance, these funds hold its constituent stocks in proportion to their index weights. Once MSTR’s weight drops to zero at the end of the month, funds that hold the shares to replicate the index are expected to sell their positions.Last year, Strategy estimated that removal from MSCI’s indexes could trigger roughly $2.8 billion in MSTR share sales. The company made that estimate before MSCI announced its decision. How many shares funds will sell and at what prices remains unclear.JPMorgan’s broader estimate depends on what other index providers decide. The bank estimated that total outflows from Strategy stock could reach $8.8 billion if other providers also remove the company from their indexes. Both estimates refer to sales of Strategy shares held by funds. The Bitcoin on Strategy’s balance sheet is a separate holding.How MSCI Assessed StrategyThe debate began last year when MSCI proposed excluding companies whose digital assets accounted for at least 50% of their total assets. MSCI later expanded its review to cover other sectors. The rules it finalized on October 15 consider the relationship between a company’s business operations and the assets it holds for investment.MSCI first assesses whether a company has substantial operating assets. For companies that fail this initial test, it then examines five financial ratios that apply across industries. To remove an existing index member, MSCI requires the company to meet the exclusion criteria on at least four of the five ratios in each of its two most recent annual reporting periods.The November list also includes Yellow Cake, a UK-based company that buys and holds uranium. MSCI applied the same criteria to the two Bitcoin treasury companies and to a company that holds a physical commodity.Strategy’s Bitcoin Holdings Top 850,000 BTCTwo days before MSCI announced its decision, Strategy disclosed that it had bought 1,036 BTC for approximately $81.9 million during the week of November 2–8. The company paid an average of $79,012 per bitcoin. The purchase brought its holdings to 850,364 BTC as of November 8, more than 4% of Bitcoin’s maximum supply of 21 million coins.

Nov 12, 2026
Will MSCI Drop Two Bitcoin Companies From Its Indexes? Decision Due Tonight

Will MSCI Drop Two Bitcoin Companies From Its Indexes? Decision Due Tonight

Strategy and Metaplanet, both known for their Bitcoin holdings, will find out tonight whether they will keep their places in MSCI’s indexes. MSCI plans to announce which companies it will add or remove shortly after 11 p.m. Central European Time on Wednesday, November 11. In Turkey, the list is due out shortly after 1 a.m. on Thursday, November 12.On October 15, MSCI adopted new rules for assessing companies that share characteristics with investment funds. Tonight’s list will show which stocks will lose their places when MSCI applies those rules for the first time. U.S.-based Strategy and Japan’s Metaplanet both appear on MSCI’s preliminary list of potential removals.Strategy could face $2.8 billion in stock outflowsStrategy is a constituent of both the MSCI USA Index and the MSCI World Index. Funds that replicate these indexes hold Strategy shares to match their benchmarks’ returns. If MSCI removes the company, those funds will need to adjust their holdings to reflect the change.JPMorgan analysts estimate that removing Strategy from MSCI’s indexes could trigger about $2.8 billion in outflows from the stock. That figure represents the estimated value of Strategy shares that funds could sell if the company loses its place.As of November 11, Strategy holds 850,364 BTC. Removal would not require the company to sell any of its Bitcoin. The immediate impact would fall on demand for Strategy shares. Since the company finances some of its Bitcoin purchases by issuing new shares, that demand also matters for future purchases.What does MSCI look for on a company’s balance sheet?The debate began in October 2025, when MSCI started reviewing companies whose digital assets accounted for at least 50% of their total assets. In January, MSCI deferred a proposal to exclude those companies as a group. It then broadened the review and developed criteria that apply across industries to companies with financial profiles similar to those of investment funds.Under the new rules, MSCI first examines the assets a company uses to produce goods or provide services. If the company fails that initial screen, MSCI reviews five financial ratios covering factors such as operating expenses, cash flow and reliance on external financing. A company fails the eligibility test for the reporting period if at least four of the five ratios fall outside MSCI’s thresholds.For companies already in an index, a single year’s results are insufficient to trigger removal. MSCI requires an existing constituent to fail the test in both of its two most recent annual reporting periods before it can be removed. MSCI may also consider the latest interim financial report if one is available.Changes take effect at the close on November 30Like Strategy, Japan-listed Metaplanet has made Bitcoin central to its treasury strategy. When MSCI tested the new rules using May data, the results indicated that both companies would have been removed from its global equity index, the MSCI ACWI IMI. The same test also flagged Yellow Cake, a UK-listed uranium investment company, for potential removal.Under MSCI’s schedule, the November changes will take effect at the close of trading on November 30. Investors will learn tonight which stocks MSCI will remove, and the indexes will reflect their new composition starting December 1.

Nov 11, 2026
OKX and ICE Set Launch Date for Tokenized Stock Platform Despite 57 Objections

OKX and ICE Set Launch Date for Tokenized Stock Platform Despite 57 Objections

Crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), plan to launch their U.S. tokenized securities platform, OKXICE, on November 23. In announcing the date on Wednesday, November 11, the companies confirmed that tokenized shares of Coinbase, Circle and Robinhood will trade on the platform.The OKXICE lineup includes 59 ETFsOKX and ICE said they have confirmed 70 assets for trading so far. In addition to shares of companies such as Coinbase, Circle and Robinhood, the lineup includes 59 exchange-traded funds (ETFs). U.S. investors will be able to trade tokenized shares of both individual companies and funds on the same platform.To access the platform, U.S. customers must have a CeDeFi Wallet and complete the onboarding process. Andrew Cuomo, co-chair of OKXICE and former governor of New York, said the U.S. has an opportunity to bring its capital markets onchain while providing the standards and safeguards investors expect.OKXICE will operate under the five-year “innovation exemption” that the U.S. Securities and Exchange Commission (SEC) announced in September. The exemption allows qualifying platforms to facilitate trading in tokenized assets without registering as traditional securities exchanges. Issuers can object to tokenized versions of their shares trading on a particular venue.Issuers had objected to 57 of the 63 tickers on the original listThe initial list OKXICE published in October included 63 stock tickers representing 62 companies. According to a November 5 filing, 56 of those companies had objected to their shares trading on the platform. Google parent Alphabet’s objection covered two share classes, bringing the number of affected tickers to 57.Another 11 companies outside the original list had also opted out, bringing the total number of companies that had filed objections to 67 as of November 5. Tesla, Netflix, Meta, Home Depot and Costco were among the companies that opposed trading in tokenized versions of their shares on OKXICE.Fiber-optic equipment maker Applied Optoelectronics was among the companies that explained its decision. A spokesperson told The Wall Street Journal that the company was unsure how tokenized trading might affect its share price, liquidity and volatility. It also worried that investors might assume Applied Optoelectronics itself was offering the token.Nasdaq raises shareholder rights concerns over SEC exemptionNasdaq, which is working with crypto exchange Kraken on tokenization, also plans to opt its own shares out of trading on venues operating under the exemption. In a November 10 opinion piece for Barron’s, Nasdaq Chief Legal and Regulatory Officer John Zecca wrote that bringing shares onchain could benefit issuers. He argued that any framework should protect shareholder rights and give companies a say in how their shares are tokenized.Zecca also pointed to the common rules for market data, reporting and transparency that govern U.S. stock trading under the National Market System. He warned that the SEC exemption allows tokenized shares to trade outside that system, potentially fragmenting trading in the same stock across different markets.

Nov 11, 2026

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Cryptocurrency CalendarNovember 13, 2026
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