Just in October, the leading cryptocurrency set a new record of $126,080. It is currently priced nearly 29% below that mark.
Analysts who recently released reports and spoke with Decrypt cited waning institutional investor interest and uncertain Federal Reserve policy as some of the reasons for the dip.
Bitcoin and other cryptocurrencies have typically performed well when the U.S. central bank has cut interest rates, but market observers have gone back and forth in recent weeks regarding whether they think the Fed will institute a third interest rate cut for 2025 at their next meeting in December.
Experts have also pointed to waning liquidity as another reason why digital asset prices have dropped. A brutal crash in October that wiped out a record $19 billion in open interest seriously hurt the markets.
Other digital coins and tokens rose alongside Bitcoin on Wednesday: Ethereum was recently priced close to $3,022 after rising 3%, while Solana shot up higher, by nearly 5%, to reach $143.
And XRP and Dogecoin made gains of 2% and 3%, respectively. Americans may take their eyes off the markets Thursday for the Thanksgiving holiday, but crypto will continue trading unabated, of course.
We'll see whether the rebound over the last week can carry through the rest of the month and into December, or whether this is a momentary respite amid a protracted decline.
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