Crypto ETFs Slide Across the Board as Multiple Bearish Factors Hit Major Cryptocurrencies, Bitcoin Falls Below $70,000 to Near Three-Month Low

Stock News11:25

Cryptocurrency ETFs declined across the board, with MBC Bitcoin (03430) dropping 5.01% to HK$4.754, Harvest Bitcoin (03439) falling 4.92% to HK$8.5, and Bosera Bitcoin (03008) down 4.69% to HK$5.38 as of press time.

On the news front, major cryptocurrencies tumbled under the weight of multiple bearish factors including management upheaval at Nvidia and macroeconomic data. On November 13, Bitcoin broke below the $70,000 mark, trading at $69,987, down 5.24% over 24 hours, hitting its lowest level since August 20.

Nvidia recently announced that co-founder Jensen Huang has immediately resigned from his roles as President, Chief Executive Officer, and Director, with Chief Financial Officer Colette Kress temporarily assuming the CEO position until a successor is determined.

Meanwhile, following the Democratic Party's landslide victory in the U.S. midterm elections, the market is concerned that regulation of virtual currencies will be tightened.

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