It is reported that Anthropic's IPO will not be open to investors from mainland China and Hong Kong.

Bitcoin is on track to log its sixth consecutive weekly decline, a losing streak similar to the first quarter of this year, when the cryptocurrency bottomed near $60,000. The longest weekly losing streak in Bitcoin’s history was nine straight weeks in 2022. Since November, Bitcoin has fallen 11%, 17% since the start of the fourth quarter, and 21% year-to-date in 2026. Next week, the market will host Anthropic’s IPO, with subscription orders roughly six times the number of shares available for sale. Anthropic plans to raise up to $64.4 billion via the IPO, plus an additional $26 billion in concurrent private placements, targeting a fully diluted valuation of around $1.4 trillion. Nvidia has committed to investing roughly $10 billion in the private placement. Some investors may be freeing up capital to participate in the Anthropic IPO, which offers one explanation for Bitcoin’s recent sell-off. Taking price action around SpaceX’s IPO as a reference: between June 1 and 5 this year, Bitcoin dropped from around $75,000 to $60,000, a roughly 20% decline; after SpaceX listed on June 12, Bitcoin rebounded to nearly $68,000. Beyond potential capital diversion, Jensen Huang’s resignation as Nvidia’s CEO, and rising market expectations of a 25 basis point interest rate hike by the Federal Reserve at its December 9 meeting, have also weighed on Bitcoin.

Bitcoin has pulled back to around $68,500. Matt Mena, senior crypto research strategist at 21Shares, stated that if Bitcoin breaks below $69,000, it could retest $65,000 again. For Bitcoin to stage a sustained rally, it must first reclaim $70,000, followed by $74,000. Mena added that Bitcoin still has the potential to rally to $87,000 and climb further above $90,000. He pointed out that historical data shows Bitcoin’s average return in the fourth quarter exceeds 61%.

HSBC analyst Frank Lee has downgraded Nvidia’s rating from “Buy” to “Hold”, cutting the target price from $365 to $170, leaving only around 2.3% upside from Thursday’s closing price. Lee stated that the stock will remain under pressure until Nvidia clarifies a formal succession plan and the incoming CEO demonstrates their execution capability. Currently, CFO Colette Kress is serving as interim CEO. Lee also warned that the risk of further tightening of U.S. chip export controls cannot be overlooked. Over the past six quarters, Nvidia has generated approximately 11% of its revenue from markets outside the U.S. and Taiwan, China, which HSBC identifies as potential targets for tightened export restrictions. Under HSBC’s bear case scenario, if export curbs reduce Nvidia’s fiscal 2028 revenue by 11% from the baseline, earnings per share could fall to $13.57, roughly 13% lower than HSBC’s baseline forecast of $15.65 and around 14% below the market consensus of $15.77.

Federal Reserve’s Collins said the U.S. central bank may have to raise interest rates more than expected. She declined to specify how high or how fast rates should move, noting decisions will be made on a meeting-by-meeting basis. Recent inflation data has not been as optimistic as she had hoped, adding that the right direction for monetary policy is clear and further policy tightening will soon be necessary.

Microsoft (MSFT) said it is making progress restoring access to its flagship software and ending the global outage that disrupted operations for government agencies, traders, and businesses worldwide. In a statement released around 9 a.m. ET, the company noted service availability is improving, adding that "mail queues have decreased significantly and are near normal levels". Even so, Microsoft warned users of more than 20 products and services may continue to experience errors. The root cause of the outage remains unclear, but the company described "core processes" on some servers had completely stopped responding due to overload. Initial efforts to troubleshoot the issue and deploy fixes were hampered by additional server errors that emerged later. Microsoft added it will provide more details once the outage is resolved, noting there is no evidence of malicious activity.

According to HTX market data, Bitcoin is currently trading at $68,515.90, down 4.00% in 24 hours; Ethereum is at $1,925.97, down 3.56% in 24 hours. CoinGlass data shows BTC’s position-weighted funding rate stands at 0.0040% and its volume-weighted funding rate at 0.0035%; ETH’s position-weighted funding rate is 0.0027% and its volume-weighted funding rate is 0.0026%. Both rates are below 0.005%, placing them in the bearish zone. ETH’s funding rate is overall lower than BTC’s, indicating more pronounced bearish sentiment. BlockBeats Note: CoinGlass standardizes funding rates across all platforms to an 8-hour timeframe. The funding rate is a mechanism for exchanging funds between long and short positions to align perpetual contract prices with spot prices. A 0.01% funding rate is the benchmark; a rate above 0.01% signals broad bullish sentiment, while a rate below 0.005% points to widespread bearish sentiment.