Bitcoin Under Pressure: Selling Pressure Intensifies amid Economic Uncertainty

Bitcoin saw a significant drop on November 3rd, with its price declining by over 2.5% and reaching below $109,000. This dip reflects the broader market downturn, as cryptocurrency values fell by 2.88%, driven in part by economic developments and technical factors. Federal Reserve Chair Jerome Powell’s hints about delaying interest rate cuts further fueled investor uncertainty. Additionally, institutional investors took advantage of the market decline to withdraw significant sums from Bitcoin exchange-traded funds (ETFs). Notably, over $388 million was withdrawn from these funds in a single transaction.