"When Bitcoin dipped under $100,000 early last week, some in the crypto world thought it couldn't get any worse. It did. As of Friday mid-day, Bitcoin was trading at below $97,000 for the first time since May and is down about 22% since its all-time high of about $126,000 just last month. Ethereum and Solana, two other major cryptocurrencies known as altcoins, have also sputtered. The former is down about 3% in the last week to about $3,236, and the latter is down about 12% to just under $142 during that time."
""This is clearly triggered by macro risk adjusting on the back of a more hawkish Fed stance and a vacuum in macro data of inflation and jobs," said Jasper De Maere, desk strategist at Wintermute. "[The] probability of 25 basis points rate cuts in December dropped from 70% only three days ago to around 50% today, leading to a rebalancing of risk.""
Bitcoin fell below $97,000 for the first time since May, down about 22% from a roughly $126,000 all-time high last month. Ethereum and Solana also declined, with Ethereum down about 3% to roughly $3,236 and Solana down about 12% to near $142. The sell-off coincides with a reduced probability of a December Federal Reserve rate cut, which has dampened speculative demand. The sector has continued weakness since the October 10 flash crash that wiped out $19 billion in positions. Earlier gains driven by favorable regulatory policy have been largely erased over the past month.
Read at Fortune
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