13.11.202604:14:54UTC+00Bitcoin Falls to 3-Month Low

Bitcoin dropped more than 3% to below $70,000, its lowest level since mid-August, as rising bond yields pressured non-yielding assets. Treasury yields have climbed sharply following stronger-than-expected US inflation data, with persistent price pressures further exacerbated by elevated oil prices and hawkish remarks from Federal Reserve officials. Some policymakers have indicated that a 50 bps rate hike may be necessary to rein in inflation.

At the same time, Democrats’ victory in the November midterm elections—securing control of both chambers of the US Congress from next year—has heightened expectations of tighter regulatory oversight of the crypto sector. Institutional demand has also weakened: US-listed spot Bitcoin ETFs saw more than $2.5 billion in net outflows between October 30 and November 11, marking a second straight week of institutional investor withdrawals.