The decline was not caused by a single piece of bad news; the tech stock sell-off, expectations of Fed rate hikes, ETF outflows, and leveraged liquidations all contributed. As of 23:28 Beijing time on November 12, Bitcoin was trading at around $71,300: - Down about 2.8% over 24 hours - Down about 10.2% over the past 7 days - Fell from around $74,695 to $71,238 intraday, a pullback of about 4.6% from the high The specific causes can be divided into four layers: 1. Nvidia was the most direct catalyst today. Jensen Huang announced he would step down as Nvidia CEO, raising concerns about the stability of the AI supply chain and sending tech stocks lower. Bitcoin currently belongs to the same high-volatility risk asset category as high-valuation tech stocks, so it was significantly affected by risk aversion. 2. US inflation data weakened rate-cut expectations. October CPI rose 0.4% month over month, above expectations of 0.3%; core CPI rose 0.3%, also above expectations. The market has now priced in almost completely a 25-basis-point Fed rate hike in December and has even begun betting on a larger hike. For Bitcoin, which generates no cash flow, this represents clear valuation pressure. 3. ETF buying has continued to weaken. US spot Bitcoin ETFs saw net outflows of about $1.44 billion over the five major trading days from November 5 to 11, including $299.8 million in outflows on November 11 alone. This indicates that traditional institutional funds are not stepping in to buy the dip. 4. Leveraged longs were forcibly liquidated in a wave. Crypto market liquidations totaled about $656 million over the past 24 hours, including about $555 million in long liquidations; more than 122k traders were liquidated. The largest single liquidation was a BTC long position worth about $31.09 million. After prices fell below key levels, stop-losses and forced sell orders were triggered in succession, turning a normal decline into a cascading sell-off. Therefore, more precisely: Huang’s resignation dampened risk appetite, inflation and rate-hike expectations weighed on valuations, ETF outflows left the market short of buyers, and leveraged liquidations then accelerated the decline. Bitcoin itself has not seen any new on-chain failures or protocol-related negative news; the main drivers are macro factors and deleveraging in the market structure. Market reports have also identified these factors as the main sources of pressure.$BTC

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I. Losses and recovery progress: The attack on November 2 caused losses of $49 million. Read-only account access was restored a week later. Users can view balances as of the day of the attack. Withdrawals have not been restored, and the exchange has not announced a timeline. II. Compensation and customer base: Mercado Bitcoin has 4.8 million customers and will cover all losses with company funds. How the attacker accessed the wallets has not been disclosed. III. Process after withdrawals are restored: Withdrawals will be available only through Pix. Users must reconfirm their information and can only withdraw to accounts in their own name. Watch: BTC-USDT, ETH-USDT, USDT-BRL