Bitcoin falls to six-month low

Bitcoin prices fell sharply on the weekend session on November 14, falling below $96,000/BTC for the first time in more than six months, amid risk aversion causing investors to sell off volatile assets, while expectations of the possibility of the US Federal Reserve (Fed) cutting interest rates in December continued to fade.

During the November 14 session, bitcoin dropped to $95,885/BTC - the lowest level since May 7 - and ended the session down 2.8% compared to the previous session, trading around $96,009.

The world's largest cryptocurrency is headed for a third straight weekly decline and is now nearly 24% below its peak hit in early October.

Bitcoin's decline intensified as a wave of risk avoidance caused investors to withdraw nearly $900 million from investment funds in this currency on November 13.

The cautious mood has grown as more Fed officials have expressed reservations about easing monetary policy. Markets now see a roughly 50% chance of a rate cut in December, down from nearly 90% at the start of the month and more than 60% at the start of this week.

Ethereum - the world's second largest cryptocurrency - also fell 1.5% in this session, to $3,133.76/ETH.

The cryptocurrency market continues to be under pressure after a $19 billion leveraged position liquidation on October 10 wiped out more than $1 trillion in market capitalization, according to CoinGecko data. Liquidations are still ongoing, with more than $1 billion in leveraged positions wiped out in the past 24 hours alone.

A brief rebound in US stocks earlier in the week, sparked by relief that the longest government shutdown in history had ended, quickly faded. The delay in key economic data has investors questioning whether the Fed has the wherewithal to cut interest rates soon, adding to the pressure on risk assets.

“With bitcoin now lower than when President Donald Trump took office, and the overall cryptocurrency market cap back at year-to-date levels, there is little technical support left in the $90,000/BTC region. Sentiment is likely to remain bearish for the foreseeable future,” said Augustine Fan, partner at SignalPlus.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/bitcoin-giam-xuong-muc-thap-nhat-trong-sau-thang-post1077031.vnp