Bitcoin price plummeted 2.2% on Thursday, Nov. 11
On Thursday, November 11, the price of bitcoin is falling. As of 09:40 MSK, the first cryptocurrency is trading at $64,941.55 (-2.2%), according to CoinMarketCap.
Ethereum has fallen to $4670.35 (-0.9%). Binance Coin fell 1.24% to $626.2.
FxPro’s analyst team notes:
“On Wednesday, Bitcoin price hit a fresh all-time high near $69,000. Investors’ immediate reaction to U.S. pricing data was to buy non-inflationary assets. The rise in bitcoin, other cryptocurrencies, and gold on this news might be interpreted as a lack of faith in the policy of industrialized countries’ monetary authorities. Or, more precisely, what speculators and minor players believe the market will think about it.
The debt market, however, began to lay down more definite and quick Fed rate hikes near the end of the US session, causing a big inflow of money into the dollar and reversing the early reaction. This is, without a doubt, awful news for bitcoin. At least for the time being. BTC/USD was pushed down to $64,500 at the end of the US session, 6.5 percent below its top, where it is stabilizing in a small range. The drop in key altcoins was corresponding, but after accounting for the initial spike, the day’s losses were not as severe – 2% for BTC, 1% for ETH, and 2.2 percent for the overall capitalization of cryptocurrencies.
Perhaps the major battle for financial system credibility, with possibly far-reaching effects, is just getting started, and we’ll have to wait and see who’s right in the coming days.”