BlockBeats News, November 21st, U.S. stocks closed on Thursday, with the Dow initially down 0.84%, the S&P 500 down 1.55%, and the Nasdaq Composite down 2.15%. Nvidia (NVDA.O) fell 3.1%, rising 5% at one point during the session.
On the cryptocurrency front, Bitcoin fell to a low of $86,100 at 3:00 am this morning, and has now slightly rebounded to $87,200; Ethereum fell below $2,800 at one point, and has now slightly recovered to $2,850.
Recent large outflows from spot Bitcoin and Ethereum ETFs, as well as the weak pullback in U.S. stocks, have all contributed to the downturn in the cryptocurrency market. Bitcoin mostly fell during the U.S. stock market opening hours, then rebounded and recovered during the Asian session, highlighting selling pressure from the United States.
At the same time, the market no longer expects a rate cut by the Federal Reserve in December, as strong job numbers have reduced the risk of rising unemployment. The probability of a 25 basis point rate cut by the Federal Reserve in December is 39.6%.
