Bitcoin has recorded weekly losses for five consecutive weeks. As of November 6, BTC was poised to close the week down approximately 2%; its price was around $76,032 during the day 💸 Capital outflows from ETFs added to selling pressure: in the week ending November 6, a total of $1.28 billion was withdrawn from U.S. spot Bitcoin ETFs. These outflows point to weakening demand for Bitcoin.
🏛️ Regulatory uncertainty in the U.S. also played a role. Investors are concerned about how a stronger Democratic presence in Congress after the midterm elections could affect cryptocurrency policies. In addition, strong employment data raised expectations that interest rates could remain high; a high-rate environment can put pressure on risk assets such as Bitcoin.
This is not a definitive forecast of a decline: the five-week downturn alone does not indicate what Bitcoin will do next. In the past, similar prolonged losing streaks have been followed by both recoveries and further declines.
#BTC #Binance #BinanceSquare
$BTC $AIO $AIOT
🏛️ Regulatory uncertainty in the U.S. also played a role. Investors are concerned about how a stronger Democratic presence in Congress after the midterm elections could affect cryptocurrency policies. In addition, strong employment data raised expectations that interest rates could remain high; a high-rate environment can put pressure on risk assets such as Bitcoin.
This is not a definitive forecast of a decline: the five-week downturn alone does not indicate what Bitcoin will do next. In the past, similar prolonged losing streaks have been followed by both recoveries and further declines.
#BTC #Binance #BinanceSquare
$BTC $AIO $AIOT
