Bitcoin just erased September’s bullish signal

Bitcoin fell below its 50-week average, erasing September’s bullish signal, as Nvidia’s CEO resigned. Plus: Polymarket trims staff, and Gemini sells its UK and European units. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thursday, November 12, 2026   Bitcoin dropped below a key level, reversing a September signal that had convinced analysts a new bull run had begun. Specifically, the price of the largest cryptocurrency fell below its 50-week simple moving average, recently changing hands below $73,400, a discount to the average of $75,153. This marks a failed breakout, a pattern technical analysts often take to represent renewed seller dominance in the market. In September, prices convincingly topped the 50-week average, prompting several analysts, including Galaxy Digital’s research head Alex Thorn, to call it evidence of the start of a new bull run. Thorn’s analysis showed that in four of the five previously completed bear markets, the first weekly close above the 50-week average led to bull runs, with the lone exception the 2021–22 cycle, in which two brief reclaims were followed by a deeper selloff. For now, that bullish view stands invalidated, and it’s happening alongside large outflows from spot ETFs that recently highlighted weak institutional demand. Wintermute said it stays cautious while bitcoin sits under its 50-week average, with $68,000 the next level down and a reclaim of $80,000 changing that view. Elsewhere, the Dollar Index briefly topped 103, the highest since March 2025, and sustained dollar strength makes bitcoin and the wider crypto market less attractive, though some observers say the dollar’s rally may be ending, with a Fed rate increase in December pretty much baked in. LMAX Group’s Joel Kruger said Fed commentary and Friday’s U.S. producer price inflation report are the next tests for that view, and that the conflict with Iran remains a swing factor through the price of oil, but that if those catalysts give the dollar little reason to extend its gains, he sees scope for bitcoin to lead a recovery. Meanwhile, some observers worry that MSCI’s exclusion of Strategy from its indexes could hamper its ability to raise money for bitcoin purchases, though Marex analysts note the company still holds 850,364 BTC and reported no sales, so the cleaner near-term trade is pressure on MSTR liquidity and relative value, not an automatic BTC disposal. Stay alert. Read today’s full report → Market snapshot As of 9am ET Asset Price 24h BTC $72,400 −1.51% ETH $2,011 −2.03% SOL $81.33 −3.18% XRP $1.03 −2.39% Prices approximate. Visit coindesk.com/price for live data. What matters today Markets   Story 1 of 3 Nvidia shares plunge 10% to June 2025 levels as Jensen Huang resigns Nvidia shares fell 10% to $156, returning to levels last seen in June 2025, after Jensen Huang resigned as president, chief executive and board member, effective immediately, the company said. Chief Financial Officer Colette Kress will become interim CEO. CoinDesk notes that the departure follows mounting scrutiny of Huang and reports that directors were considering his future, and that investors now face uncertainty over succession, strategic continuity and the implications for confidence across the broader AI sector, which often acts as a proxy for the crypto market. Bitcoin showed little initial reaction to the news, trading just under $72,500, 1.7% lower over the past 24 hours. Read more → Finance   Story 2 of 3 Polymarket trims workforce under investor pressure as Kalshi surges ahead Prediction market platform Polymarket has cut jobs and ended contractor agreements as it reshapes its business amid investor pressure and growing competition from rival Kalshi. The company confirmed the cuts but did not say how many people were affected, Bloomberg reported, and said the changes involved new hires, changes in personnel and letting some people go. It also confirmed that an email circulating on X describing a company-wide reduction in force is real, and more than half of those affected were contractors. The cuts follow pressure from investors on founder Shayne Coplan to bring more discipline to the business, according to the report. Polymarket now trails Kalshi in monthly trading volume, according to DefiLlama data, and in September named former Amazon finance chief Warren Jenson as its first chief financial officer. Polymarket did not immediately respond to CoinDesk’s request for comment. Read more → Finance   Story 3 of 3 Gemini sells UK and European operations to stablecoin payments firm KAST for under $10 million Gemini Space Station, the New York-based holding company that operates the crypto exchange founded by Cameron and Tyler Winklevoss, sold its U.K. and European operations to stablecoin payments company KAST for less than $10 million, according to a person familiar with the matter. The deal was referenced about a month ago in a KAST recruitment listing for a European general manager to oversee the transition of Gemini’s U.K. and EU staff. Gemini declined to comment, and a KAST spokesperson would not discuss the deal but said the company is actively in the market for M&A. The sale follows Gemini’s decision in February to wind down operations in the U.K., the EU and Australia and cut about 25% of its global workforce, while retaining its U.S. and Singapore businesses, and CoinDesk previously reported that potential buyers were examining the shuttered businesses to obtain their regulatory permissions. Singapore-based KAST, founded by former Circle executive Raagulan Pathy, provides accounts, cross-border transfers and payment cards for holding and spending stablecoins and raised $80 million in March. Crypto M&A totaled $2.2 billion across 67 announced transactions in the third quarter, down 83% by value from the previous quarter, according to advisory firm Architect Partners. Gemini is scheduled to report third-quarter results after the U.S. market close on Thursday. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences