Ethereum plummets 15% Bitcoin falls below $99,000
According to Jinshi Data on November 5, cryptocurrencies continued to decline at the end of the US trading session, with Ethereum's decline expanding to 15%, reaching $3,061 per coin; Bitcoin dropped over 7%, falling below $99,000 per coin. The Hong Kong Economic Journal reported that market risk aversion has intensified, global risk assets are under pressure, and cryptocurrencies face multiple headwinds, including capital outflows from exchange-traded funds (ETFs), increased concerns over investors selling digital asset companies, and technology stocks experiencing a significant rise, which has led to questions about further upward momentum given their high valuations. The market is also worried that US inflationary pressures may limit the Federal Reserve's policy easing scope, which is unfavorable for risk assets. Analysts indicate that following a rise driven by artificial intelligence, the stock market has become increasingly sensitive to any weak macro data or shifts in the Federal Reserve's policy path.
