Bitcoin has been mirroring the movements of the Nasdaq-100, behaving more like a tech stock than a store of value, increasing investor anxiety.

The Federal Reserve’s hawkish stance and uncertainty over a December rate cut have added to market jitters, with comments from Fed Chair Jerome Powell and New York Fed’s John Williams fueling speculation.

Regulatory progress has hit a roadblock as the Senate deliberates over the Digital Asset Market Clarity Act, leaving the cryptocurrency market in limbo.

Institutional investors are withdrawing funds, while long-term holders are cashing out profits, contributing to outflows in the market.

Despite recent volatility, Bitcoin held steady around $86,000 on Monday morning, maintaining gains from a weekend rebound, with a price of $84,535 by Friday afternoon.

Read more at Wall Street Journal: Why Has Bitcoin Come Under Pressure? Here’s the Deutsche Bank Analysis.