Bitcoin Falls to 3-Month Low
Bitcoin fell more than 3% to below $70,000, hitting its lowest level since mid-August, as rising bond yields weighed on non-yielding assets. Treasury yields have surged amid persistent inflation concerns, fueled by elevated oil prices, stronger-than-expected US inflation data, and hawkish comments from Federal Reserve officials. Some policymakers have suggested that a 50 bps rate increase may be warranted to bring inflation under control. Meanwhile, expectations of increased regulatory scrutiny following Democrats’ projected gains in both chambers of the US Congress in next year’s midterm elections added to pressure on the crypto market. Institutional demand has also weakened, with US-listed spot Bitcoin ETFs recording more than $2.5 billion in net outflows between October 30 and November 11, marking a second consecutive week of institutional investor withdrawals.
Bitcoin fell more than 3% to below $70,000, hitting its lowest level since mid-August, as rising bond yields weighed on non-yielding assets. Treasury yields have surged amid persistent inflation concerns, fueled by elevated oil prices, stronger-than-expected US inflation data, and hawkish comments from Federal Reserve officials. Some policymakers have suggested that a 50 bps rate increase may be warranted to bring inflation under control. Meanwhile, expectations of increased regulatory scrutiny following Democrats’ projected gains in both chambers of the US Congress in next year’s midterm elections added to pressure on the crypto market.
Institutional demand has also weakened, with US-listed spot Bitcoin ETFs recording more than $2.5 billion in net outflows between October 30 and November 11, marking a second consecutive week of institutional investor withdrawals.