Bitcoin fell to $87k due to fading Trump optimism and rate uncertainties.

From Investing.com

November 15, 2024 12:43:41 am:

Bitcoin fell from near record highs as optimism over a Trump presidency waned, amid uncertainty over U.S. interest rates. The cryptocurrency dropped 2.6% to $87,634.6 after hitting a peak of $93,226.6. Bitcoin set for best week since February, with gains driven by Trump’s victory and institutional inflows into ETFs.

Bitcoin was set to add about 14% this week, its best performance since late-February, and heading towards a third consecutive week of gains. Trump’s win and institutional inflows were key drivers of recent price increases. Trump’s promises of crypto-friendly regulations and a national Bitcoin reserve boosted optimism.

Rate jitters weighed on crypto after strong inflation data and comments from Powell, delaying a potential December rate cut. Traders scaled back bets on a rate cut after Powell’s remarks, leading to losses in risk assets. Wall Street retreated from highs and Treasury yields rose, adding pressure on risk assets.

Cryptocurrency prices softened in line with Bitcoin, but were poised for strong gains for the week. Ethereum fell 5.4% to $3,050.79, while Dogecoin surged 65%, looking at its best week since October 2022. Other cryptos like XRP, Litecoin, and Bitcoin Cash remained steady with gains over the week.

Read more at Investing.com: down to $87k amid cooling Trump cheer, rate jitters By Investing.com