Bitcoin Price Crashes Down to $106,000 As Red Week Continues
Bitcoin dropped below $106,300 due to macro uncertainty following Fed comments and trade talk volatility.Summary
The price of Bitcoin continued its decline, hitting a low of $106,290 on Thursday, extending a multi-day slump that began after the Federal Reserve delivered a 25 basis point rate cut but signaled caution regarding future cuts. Fed Chair Jerome Powell's hawkish tone at the press conference caused traders to significantly scale back expectations for a December rate reduction, leading to a risk-off sentiment. This was compounded by volatility surrounding U.S.-China trade talks, causing risk assets, including crypto, to sell off while Treasury yields and the U.S. dollar climbed.
Separately, on-chain data revealed that Elon Musk's SpaceX moved 281 BTC (about $31 million) through Coinbase Prime, part of a larger reorganization of 4,337 BTC this month, suggesting institutional custody activity rather than immediate selling. Tesla still holds approximately $1.3 billion in Bitcoin.
Overall, Bitcoin's pullback reflects investor hesitation amid uncertain U.S. monetary policy and trade negotiations, placing the asset in a holding pattern until clearer signals emerge, potentially in December.
(Source：Bitcoin Magazine)