Bitcoin falls below $70K as Xapo CEO points to Anthropic IPO

Bitcoin has fallen below $70,000 on Nov. 13, with Xapo Bank CEO Seamus Rocca pointing to demand for Anthropic’s upcoming stock market listing as a source of pressure on the cryptocurrency. Rocca attributes Bitcoin’s latest decline to investors raising cash for allocations in Anthropic’s IPO. Anthropic’s offering attracted roughly six times the available shares in orders, according to Bloomberg reporting. US Bitcoin ETF withdrawals and Strategy’s pending index removal have accompanied the cryptocurrency’s decline. The Xapo Bank chief views the selling as temporary capital rotation and favors steady accumulation.