Bitcoin Experiences Market Downturn Driven by Investment Shifts and Macroeconomic Factors

The cryptocurrency market experienced a notable decline on the third day of November, with Bitcoin’s price dropping 2.5% over the past 24 hours to below $109,000. The broader market valuation also fell by 2.88%, reflecting increased selling pressure. Several factors contributed to this shift in sentiment, including comments from Federal Reserve Chair Jerome Powell about delaying interest rate cuts and a significant outflow of funds ($388 million) from spot Bitcoin ETFs. This withdrawal accelerated profit-taking among institutional investors who were previously holding long positions.