Bitcoin Price Drop: Lowest Level Since May!

The Decline in Bitcoin Continues

The leading cryptocurrency Bitcoin continues its downward trend as the weekend approaches. On November 4, it declined by 22 percent from its record level of 126,272 dollars, entering a bear market and raising concerns among investors. As of today, the price of Bitcoin has dropped to 96,908.40 dollars, marking the lowest level recorded since May. Currently, Bitcoin is trading around 97,812.84 dollars, showing a 1 percent decrease compared to the same time yesterday.

Weak Performance in Ethereum

In parallel with Bitcoin, Ethereum is also showing weak performance. The price of Ethereum has fallen to 3,161.17 dollars, with a loss of 0.59 percent. This situation indicates a stifling atmosphere prevailing across the cryptocurrency market.

Investors' Focus on Fed's Moves

The most critical question for cryptocurrency investors is what the future policy moves of the Federal Reserve (Fed) will be. Various statements from Fed officials create uncertainty in the markets, while the importance of inflation and employment data to be announced with the reopening of the federal government increases.

Interest Rate Expectations and Their Impact on the Market

It is thought that if the upcoming macroeconomic data strengthens the likelihood of the Fed keeping interest rates steady next month, there could be significant selling pressure on Bitcoin and other digital assets. During periods of high borrowing costs, investors' risk appetite tends to decline, leading them to turn to safer interest-bearing instruments like bonds and deposits.