Bitcoin's recent price drop follows its all-time high of over $93,000 earlier this week, with multiple factors contributing to the decline.
Recent US inflation data, including a 2.6% rise in the Consumer Price Index (CPI) and a 2.4% increase in the Producer Price Index (PPI), has spooked investors. These figures have raised concerns that the Federal Reserve might adopt a more hawkish approach, weighing on market sentiment.
In addition, Bitcoin miners have been selling off large amounts of BTC, including 2,000 coins from a 2010-era wallet, and 25,000 BTC recently moved to exchanges, adding to the bearish pressure.
The US Spot Bitcoin ETF saw a $400.7 million outflow on November 14, halting a streak of inflows and signaling reduced investor interest. Meanwhile, large Bitcoin holders have been cashing out, with a whale dumping 4,060 BTC over a few days, fueling further concerns about a price dip.
Despite the pullback, analysts remain optimistic about Bitcoin’s long-term potential, noting that short-term corrections are common in bull runs. Many see the current dip as an opportunity for investors to buy at lower prices before a potential price recovery.
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A new report by crypto analytics firm Alphractal reveals that Bitcoin miners are facing some of the lowest profitability levels in over a decade — yet have shown little sign of capitulation.
Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.
Bitcoin has officially overtaken Alphabet (Google’s parent company) in global asset rankings, becoming the sixth most valuable asset in the world, according to the latest real-time market data.