What happened: Bitcoin has slipped below the $75,000 mark, trading at approximately $74,607—a 1.4% dip over the last 24 hours. The decline was even steeper for altcoins, with XRP dropping 4.9% and Ether falling 4.4%. This downward pressure comes alongside a massive $1.28 billion weekly outflow from US spot Bitcoin ETFs, the largest since June.
Why it matters: The market is currently bracing for a perfect storm of challenges: rising expectations for a Federal Reserve interest rate hike in December, political uncertainty following a Democratic congressional sweep, and upcoming US inflation data. Investors are now closely watching the $73,500 support level, as a breakdown could signal further volatility ahead.
