Trump names SEC/CFTC nominees as SpaceX-Tesla merger talks advance and NVIDIA confirms Jensen Huang's stepdown; today’s BTC dropped to around $68.9K amid the Extreme Fear sentiment. The cryptocurrency market extended its decline as Bitcoin (BTC) fell below $70K and Ether (ETH) slipped under $2,000. Both assets reached their lowest levels since August. According to the latest market data, BTC traded at approximately $68,948.20, down 6.58% over the past 24 hours. ETH fell to $1,949.99 with a 24-hour decline of around 5.04%. Recent US inflation data exceeded market expectations. Meanwhile, the US Dollar Index (DXY) climbed above 103 to its highest level in roughly 19 months. This prompted markets to reassess the possibility of further Federal Reserve interest rate hikes. As major cryptocurrencies broke below key price levels, the derivatives market experienced widespread leveraged liquidations. According to CoinGlass, more than USD 1.3 billion in crypto futures positions were liquidated over the past 24 hours. BTC positions accounted for approximately USD 677 million of that total. Meanwhile, total BTC futures open interest fell 5.21% to around USD 48.441 billion over the same period. The decline suggests that some leveraged positions were forcibly closed or voluntarily reduced during the selloff. Market sentiment also weakened as the Fear and Greed Index dropped to 20, indicating Extreme Fear. The reading was down from 28 yesterday and remained well below last month's level of 62. On the macroeconomic front, the US is scheduled to release its October Producer Price Index (PPI) data today at 9:30 p.m. asia time. The annual PPI rate is expected to rise from 6.3% to 6.6%, making it another key indicator of inflationary pressure. In regulatory and corporate news, the Trump administration formally nominated four candidates for commissioner positions at the SEC and CFTC. SpaceX and Tesla are reportedly advancing merger discussions, drawing attention to their combined holdings of more than 30,000 BTC. NVIDIA also confirmed that Jensen Huang has resigned as CEO and board member. The leadership transition has brought renewed attention to the AI industry and technology stocks.

Source: Alternative

Key News Highlights:

Bitcoin Falls Below $70K as Dollar Strengthens and Futures Liquidations Surge

Bitcoin fell below $70K today and reached its lowest level since August 19, extending the cryptocurrency market's recent decline. According to reports, BTC continued to weaken as the US Dollar Index climbed to its highest level in roughly 19 months. The cryptocurrency briefly traded below $69K during the Asian trading session. The US Dollar Index (DXY) measures the dollar's value against a basket of major currencies. It remained above 103 during the session, its highest level since April 2025. The index has risen nearly 2% since early October. During this period, US inflation data and expectations of further Federal Reserve interest rate hikes have remained key market concerns. The selloff also spread across major cryptocurrencies. ETH dropped below $2,000, XRP approached $1, and Solana (SOL) fell below $80. As BTC broke below $70K, many leveraged futures positions were forcibly closed after traders' margin balances fell below the required levels. These liquidations added to short-term trading activity and price volatility. According to market data, more than USD 1.3 billion in crypto futures positions were liquidated over the past 24 hours. BTC-related liquidations accounted for approximately USD 677 million. Reports indicated that nearly USD 500 million in futures positions were liquidated within a short period as BTC fell through $70K. The concentrated liquidations reflected the pressure on highly leveraged long positions. The largest single liquidation occurred on a decentralized derivatives trading platform and involved a BTC long position worth more than USD 31 million. The market selloff also coincided with renewed military tensions in the Middle East. These geopolitical developments and expectations for US interest rates remained major areas of focus across global financial markets.

Trump Nominates Four SEC and CFTC Commissioners Pending Senate Confirmation

The White House announced four nominations for US financial regulatory positions on November 12. The nominees are expected to fill vacant commissioner seats at the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The nominations include two candidates for each agency. All four must receive Senate confirmation before officially taking office. For the SEC, Trump nominated Republican Steven Levine to replace Hester Peirce, who left the agency in October. Levine was nominated for a term ending June 5, 2030. Peirce had long been involved in discussions over digital asset regulation and previously led the SEC's Crypto Task Force. Her departure and the appointment of a successor have therefore drawn attention from the cryptocurrency industry. Trump also nominated Democrat Kristin Johnson, a former CFTC commissioner, for an SEC term ending June 5, 2029. During her time at the CFTC, Johnson emphasized consumer protection and conflict-of-interest safeguards in digital asset markets. For the CFTC, Trump nominated Republican Nathan Anonick and Democrat Matthew Rowland. Both candidates previously worked on legislation related to the CLARITY Act. The CLARITY Act is a proposed US legislative framework designed to clarify oversight of digital asset markets. It addresses how regulatory responsibilities should be divided between the SEC and CFTC across different digital assets and trading activities. According to the White House announcement, Anonick was nominated for a term ending June 19, 2031. Rowland was nominated to fill a commissioner seat with a term ending April 13, 2028. The nominations follow the US midterm elections and come ahead of an expected shift in Senate control to Democrats in January 2027. This political transition has brought additional attention to the timing and confirmation process for the nominees. As of the announcement, all four candidates remained nominees and had not yet assumed their commissioner positions.

SpaceX and Tesla Reportedly Discuss Merger as 30,000 BTC Holdings Draw Attention

SpaceX and Tesla are reportedly advancing merger discussions, according to Bloomberg, which cited people familiar with the matter. The two companies, both led by Elon Musk, could announce a potential transaction as early as December 2026. However, an announcement could also be delayed until early 2027. The companies are still discussing transaction terms, corporate governance, and how their businesses would operate under a combined structure. No final merger agreement has been announced. Beyond the potential integration of AI, aerospace, electric vehicle, and robotics businesses, the discussions have renewed attention on the companies' Bitcoin holdings. As of the end of September 2026, SpaceX held 18,712 BTC while Tesla held 11,509 BTC. Their combined holdings totaled approximately 30,221 BTC. Based on a Bitcoin price of around $69K, these assets were worth approximately USD 2.1 billion. By comparison, the combined valuation of SpaceX and Tesla was estimated at around USD 3.4 trillion. Their Bitcoin holdings therefore represented approximately 0.06% of the combined valuation. Both companies had already reported these BTC holdings on their respective balance sheets. A merger would bring the existing holdings under one corporate structure but would not require either company to purchase additional Bitcoin. According to reports, SpaceX and Tesla have each established special committees of independent directors to evaluate the potential transaction and related governance arrangements. The negotiations also involve regulatory considerations surrounding SpaceX's US government and defense operations and Tesla's extensive manufacturing activities in China. How these businesses would be managed under a combined corporate structure remains an important issue in the discussions. The potential merger has not been finalized, and the reported Bitcoin holdings represent existing corporate assets rather than confirmed new purchases or capital inflows.

NVIDIA Confirms Jensen Huang's Resignation as CEO and Begins Leadership Transition

AI chipmaker NVIDIA announced on November 12 that founder Jensen Huang had resigned as president, CEO, and board member, ending approximately 33 years of leadership at the company. According to NVIDIA's Form 8-K filing with the US Securities and Exchange Commission, the board accepted Huang's resignation on November 11. The leadership changes took effect immediately. NVIDIA also announced that Chief Financial Officer Colette Kress would serve as interim CEO while retaining her existing CFO responsibilities until a permanent successor is appointed. The company separately named Harvey C. Jones as chairman of the board, marking the first time NVIDIA has formally established the chairman position. Jones previously served as CEO and executive chairman of Synopsys and has extensive experience in technology management and venture capital. NVIDIA confirmed that its board had launched a formal CEO search process and would consider both internal and external candidates. The leadership transition followed media coverage of concerns surrounding Huang's personal relationships and potential national security issues. Some reports also discussed investigations involving US restrictions on advanced AI chip exports and corporate governance matters. However, the allegations under investigation must be distinguished from established facts. In its official statement, NVIDIA said its existing management team would maintain business operations, customer commitments, and product development schedules. The company is also scheduled to release its next quarterly financial results on November 17. According to Reuters, NVIDIA shares closed approximately 4.3% lower on November 12, while major US stock indexes also ended the session lower. The leadership transition has brought renewed attention to NVIDIA's succession plans, the AI chip supply chain, and US export control policies affecting the technology industry.

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