Risk-Off Wins, Bitcoin Loses
Bitcoin weakened and headed for a sharp weekly decline amid fragile risk appetite. Early Friday, BTC fell 0.8% to around $102,294 (00:23 ET/05:23 GMT), extending its negative trend: it has fallen four of the past five weeks and officially entered a bearish phase—falling more than 20% from its early October high. The global tech sell-off and concerns about overvaluation have discouraged investors from holding risky assets, including crypto.
Pressure is growing from macro factors. The US government shutdown added uncertainty and delayed the release of official data, while reports of surging October job losses fueled speculation of a Fed rate cut in December. However, instead of helping crypto, “risk-off” sentiment prevailed: Bitcoin fell nearly 8% over the week, demonstrating its close correlation with risk-driven markets. (az)
Source: Newsmaker.id