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Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Bitcoin fell below $100,000 in Asian trade on Friday, with regional markets trading lower as traders scaled back expectations of a US interest rate hike next month after hawkish remarks from Federal Reserve officials stoked inflation fears.
Moods are rising across the board, with Wall Street futures flashing red after Thursday’s rout that snapped a four-day winning streak.
Market snapshot
- Bitcoin: $99,063, down 2.9%
- Ether: $3,224, down 6.9%
- XRP: $2.31, down 7.6%
- Total crypto market cap: $3.41 trillion, down 3.8%
Global stocks lower as tech rout deepens and inflation fears return
The Dow Jones fell 1.65%, the S&P 500 slid 1.66% and the Nasdaq fell 2.29%, as investors abandoned technology stocks led by Nvidia amid concerns about stretched valuations and political uncertainty.
Across Asia, Japan’s Nikkei 225 lost 1.77%, Australia’s S&P/ASX 200 fell 1.35% and New Zealand’s benchmark fell 1.58%.
Hong Kong’s Hang Seng opened lower, while China’s Shanghai Composite fell 0.16% after fresh data showed retail sales and industrial production slowed in October, dampening hopes of a recovery.
Bitcoin’s fall has erased recent gains fueled by optimism around institutional flows. The token traded below $100K for the first time this month, as liquidity diluted and momentum faded. Traders said renewed institutional conviction will be key to the next leg higher.
Maja Vujinovic, who leads digital assets at FG Nexus, said markets are currently under multiple layers of tension, with macro and technological risks combining with selling by long-term holders and a slowdown in institutional demand.
“This combination is what pushed Bitcoin below $100K,” he added. “It does not signal that the model is broken, but it shows that we are in a phase where the growth of Bitcoin is now more dependent on institutional conviction and renewed liquidity, not just titles.”
In Europe, selling pressure intensified with Germany’s DAX down 1.39%, the UK’s FTSE 100 down 1.05%, and France’s CAC 40 down 0.11%. The Euro Stoxx 50 also lost 0.83% as inflation jitters and weak corporate earnings weighed on sentiment.
Fed officials signaled caution, dampening hopes for near-term policy easing
Treasury yields rose as traders backed off bets on a December rate cut, with CME FedWatch data showing odds fell to around 46% from more than 60% a day earlier.
Cleveland Fed President Beth Hammack said taxes must be restrictive to curb inflationWhile St. Louis Fed chief Alberto Musalem noted limited room for easing without fueling price pressures. His remarks reinforced market expectations that the Fed may wait longer.
The White House added to the gloom, saying October unemployment data could not be released after a record 43-day government shutdown that had already delayed key reports and clouded visibility of the economy.
The pullback came as traders shifted from rate euphoria to a more sober outlook on inflation, pushing risk assets lower and prompting a flight to safety.
