 |
| Photo/Bitcoin |
Bitcoin dropped by 5% on Friday, November 14, falling to $94,483, as a broader risk-off sentiment took hold across global financial markets.
This sharp decline extends recent losses, pushing the world's largest cryptocurrency to price levels not seen in six months. The drop reflects renewed investor caution driven by several concurrent market factors.
One key motivator of this? is the fading hope for near-term interest rate cuts by the U.S. Federal Reserve (Fed).The dimming prospect of lower rates reduces investor appetite for riskier assets like cryptocurrencies.
Simultaneously, renewed concerns over general market liquidity are resurfacing, and unease regarding the high valuations of technology stocks is contributing to the overall volatility and flight from risk.
Minutes after hitting its intraday low, Bitcoin was trading down 4.59% at $95,053.54 by 7:48 am ET. Ethereum, the second-largest cryptocurrency, followed a similar trajectory, dropping 4.36% to $3,088.78.