The Nightcap: Bitcoin slides below $63,000 while stock futures stay shut until Sunday evening

The only major market open tonight is crypto, and it is falling. Bitcoin traded at $62,504 on Coinbase at about 9:03 PM ET Saturday, down 7.6% from its price 24 hours earlier, and Ether was at $1,728, down 9.5%, per Coinbase's stats feed. Bitcoin's session low was $61,946, below the $62,534 we reported at 8:40 PM. Stock, bond and gold futures are shut, so there is no live read on anything else.

Bitcoin: still no confirmed trigger

Bitcoin is down about 16% on the week, and the Fear & Greed Index from alternative.me reads 10, "Extreme Fear". Our earlier report found no exchange failure, hack or regulatory action behind it. The backdrop is a weak buyer base: Cointelegraph reported $2.35 billion of outflows from U.S. spot Bitcoin ETFs in two weeks. That is context, not a cause. Crypto trades through the weekend on thin liquidity, so moves can run further than they would on a weekday.

What stock futures face at 6 PM Sunday

As of Friday's close the S&P 500 was 7,561.67, the Dow 52,347.55 and the Nasdaq Composite 25,136.27, and the 10-year Treasury yield was 5.15%, up 29 basis points on the week (our Weekend brief). Gold futures were about $3,886 and December WTI about $89. We are not quoting futures levels tonight: the settlement figures we pulled disagree with each other, and we would rather leave them out than guess.

Headlines that carry into the open

• Nvidia. Two holders, Altimeter and Atreides, asked the board to keep a return by Jensen Huang open, but their stakes are about 0.04% of the company, so the letter carries no vote (our report). Nvidia reports Tuesday.
• China. Beijing said the first US-China trade council meeting was "candid, in-depth and constructive," with no agreement announced. Trump and Xi are due to meet Thursday in Shenzhen (our report).
• Air travel. Transportation Secretary Sean Duffy asked Congress for $50 billion to rebuild air traffic control after Friday's nationwide ground stop. Airline stocks get their first read Monday (our report).
• Ukraine. Zelenskyy said the U.S. floated a Donbas-for-NATO swap. Oil and defense shares could not react to it on Friday (our report).

The week ahead

Tuesday brings October retail sales (forecast +0.2%) and Nvidia's results, then building permits Wednesday and jobless claims Thursday, per our economic calendar. The next Fed decision is Dec. 9.

Sources: Coinbase, alternative.me, Cointelegraph, and the Chronicle reports linked above. Crypto prices are as of about 9:03 PM ET Nov. 14. This is market information, not investment advice.