BlockBeats News, November 24th, Bitcoin just experienced its worst week since February, plunging over 30% from last month’s peak. Deutsche Bank analysts pointed out five key factors:
· Market Risk-off Sentiment – Bitcoin’s trend mimics that of high-growth tech stocks (highly correlated with the Nasdaq 100 Index), rather than being an independent “store of value” asset
· Fed Hawkish Signals – Powell warns that a December rate cut is not set in stone (although New York Fed’s Williams subsequently released dovish comments)
· Crypto Legislation Process Stalled – Progress on the Senate’s “Digital Asset Market Clarity Act” has slowed down
· Institutional Funds Continuously Flowing Out – Large investors are withdrawing funds
· Long-term Holders Taking Profits – Early hodlers are cashing out gains
