Bitcoin slides below $86,000, ether falls as traders rotate into safer assets
Major cryptocurrencies, including Bitcoin and Ether, declined as traders moved into safer assets amid macro jitters and thinning year-end liquidity.Summary
Bitcoin dropped below $86,000 and Ether fell to $2,915 on Monday evening, with other major cryptocurrencies also seeing declines, as traders rotated into safer assets. Analysts noted the sell-off coincided with the U.S. cash equity open, where stocks also fell, suggesting macro jitters and thin year-end liquidity exaggerated the move. The Federal Reserve's recent rate cut did not bolster confidence, and caution ahead of key inflation data contributed to the cautious positioning. Separately, some suggested the drop might be linked to reports of a significant shutdown of mining rigs in China's Xinjiang region following tightened crypto bans, although analysts believe any impact on hashrate and price from this source is likely temporary.
(Source：The Block)