- 1Strong Jobs Report Drags Bitcoin Below $75,000. The Labor Department reported on Friday, November 6, that U.S.
- 2Rate-Hike Bets and ETF Outflows Add to the Pressure. Hotter labor data strengthened the case for a Federal Reserve rate hike in December, and Treasury yields climbed, with the 10-year note closing near 4.86%.
- 3FinCEN Moves to Cut MEXC Off From the U.S. Financial System. On November 6, the Treasury's Financial Crimes Enforcement Network designated MEXC Global a "primary money laundering concern" under the Combating Russian…
- 4What It Means for the Market. The two stories point to the same theme: U.S.
Strong Jobs Report Drags Bitcoin Below $75,000
The Labor Department reported on Friday, November 6, that U.S. employers added 165,000 jobs in October, far above the 65,000 economists expected. The unemployment rate fell to 4.1%, September's initial figure was revised up from 29,000 to 60,000, and average hourly earnings rose 0.4% on the month versus a 0.3% forecast.
Bitcoin slid to $74,762 shortly after the U.S. session opened, its lowest level since August 21, before recovering to close near $75,800. The move stood out because equities bounced at the same time: the Nasdaq Composite gained 1.8% in the first hour of trading, while the total crypto market capitalization slipped about 0.5% on the day.
Rate-Hike Bets and ETF Outflows Add to the Pressure
Hotter labor data strengthened the case for a Federal Reserve rate hike in December, and Treasury yields climbed, with the 10-year note closing near 4.86%. Higher yields raise the opportunity cost of holding non-yielding assets, which is one reason crypto struggled to join the stock-market rebound.
Institutional demand softened as well. U.S. spot Bitcoin ETFs recorded $430.2 million in net outflows on Thursday, with no fund posting inflows. Fidelity's FBTC led the withdrawals at $199.9 million, followed by BlackRock's IBIT at $105 million. Week-to-date outflows reached $869.8 million, and the Crypto Fear & Greed Index slipped to 25, in "Extreme Fear" territory.
FinCEN Moves to Cut MEXC Off From the U.S. Financial System
On November 6, the Treasury's Financial Crimes Enforcement Network designated MEXC Global a "primary money laundering concern" under the Combating Russian Money Laundering Act. The order prohibits covered U.S. financial institutions from processing transfers to or from the exchange, including cryptocurrency transfers.
FinCEN said its review of activity between May 2021 and May 2026 identified about $16.7 billion in illicit transactions, including roughly $1.5 billion tied to Russian sanctions evasion and nearly $2 billion connected to cybercriminal actors. The agency described MEXC's anti-money-laundering controls as severely deficient. According to FinCEN, the exchange handles more than $1 billion in daily volume and held about $5 billion in reserves as of June 2026.
The measure takes effect 30 days after publication in the Federal Register. It is a FinCEN special measure rather than an OFAC sanction, so holding an account on the platform is not illegal. MEXC's CEO said deposits and withdrawals remain operational and that the company has launched an independent review of its compliance and sanctions controls.
What It Means for the Market
The two stories point to the same theme: U.S. crypto sentiment is being shaped by macro conditions and regulatory enforcement at the same time. In the short term, traders will watch the next ETF flow prints and the Fed's tone for signs that selling pressure is easing. For exchanges operating outside the United States, the MEXC order is a reminder that access to dollar banking can be withdrawn quickly when compliance gaps are identified, which could push liquidity toward platforms with stronger oversight.
This article is for informational purposes only and does not constitute financial advice.
This story is for information only and is not financial advice. Crypto assets are volatile; do your own research before acting on anything here.
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