Bitcoin plunges below $85,500, sell-off wipes out $140 billion from crypto market; ETH, ADA, other crypto tokens down as well — TradingView News
Bitcoin has plunged more than 5 percent in the past 24 hours and was hovering around $86,316 on December 1 at around 9.22 am (IST) in a wider weakness in the crypto market, which hit other coins as well.
Bitcoin was holding $91,000 for a few days dropping sharply. The drop triggered a wider sell-off that wiping out nearly $140 billion off the crypto market cap in the past few hours.
Crypto analysts say traders are cautious ahead of US Federal Reserve chairman Jerome Powell’s remarks later in the day, which could shape expectations for the upcoming FOMC meeting.
According to data from the CME FedWatch tool, the likelihood of Fed lowering interest rates to 350 to 375 basis point has risen to 87.4 percent from 71 percent a week ago.
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