Bitcoin Sinks to 7-Week Low as FinCEN Slams MEXC and Coincheck Drops 6 Tokens

Bitcoin is nursing a seven-week low. The coin touched $74,762 on November 4 and was hovering around $75,800 as of November 7, roughly 7.5% below last weekend's high near $82,000. Ethereum, XRP and Solana fell in step, and liquidations across the market blew past $1 billion. The Fear & Greed Index sits at 25 — Extreme Fear — the weakest reading in about three months, since August 6, 2026.

The exit door at US spot Bitcoin ETFs has been swinging hard. November 5 saw $430.2 million walk out, followed by $411.9 million on November 6, pushing the month's total outflow to roughly $1.28 billion. The trigger: October jobs data landed at 165,000 against expectations of 65,000, reviving talk of more Fed rate hikes. Institutional money is pulling back, and risk assets are paying for it.

Washington dropped the hammer on MEXC. On November 6, the Treasury's Financial Crimes Enforcement Network designated MEXC Global a primary money laundering concern, barring US financial institutions from moving funds with the exchange. FinCEN pointed to $16.7 billion in illicit transfers between 2021 and 2026, use of the platform for sanctions evasion tied to Iran, Russia and North Korea, and more than $26 million linked to the so-called A7 Network. The measure takes effect 30 days after issuance, and MEXC — a top-20 global exchange — has users in Japan worth watching.

Coincheck is clearing house. The Japanese exchange announced on November 6 that it will discontinue six assets on December 17, 2026: The Graph (GRT), Immutable (IMX), Lisk (LSK), Decentraland (MANA), Mask Network (MASK) and The Sandbox (SAND). Trading and external deposits stop December 10 at 14:00, with external withdrawals suspended a week later. Coincheck blamed declining market liquidity, and Mercoin is delisting three related assets around the same window — another blow to metaverse and gaming tokens.

Over on Ethereum, Paradigm's execution client Reth needed emergency surgery. A bug turned up in the software, which validators and node operators rely on to run the network, and a patched version is already out. The firm hasn't disclosed the details, but it moved fast to limit fallout. Node operators running Reth are being told to update now.

Zoom out and the picture is ugly but familiar: heavy ETF outflows, rate-hike jitters and a sentiment gauge stuck in extreme fear. That phase has historically been a contrarian setup, though the macro backdrop is still blowing against crypto. The immediate calendar items are the MEXC sanctions clock and Coincheck's December 10 and December 17 deadlines.