Bitcoin Plunges 12% in a Week, Falls Below $90,000 [Crypto Briefing]

According to Financial News, Bitcoin (BTC) lost its psychological support level by dropping below $90,000 on the 21st.
Data from CoinMarketCap shows that as of 10:20 a.m. on the same day, BTC was trading at around $86,000, down 5.90% from the previous 24 hours. BTC has plunged more than 12% over the past week, continuing its bearish trend.
At the same time, BTC was trading at around 130 million KRW in the Korean won market, with a Korean premium of 1.53% based on Upbit.
The decline in BTC prices has been attributed to changes in the Federal Reserve System (Fed)'s interest rate policy, leveraged position liquidations, and capital outflows from institutions. Weakened expectations for a Fed rate cut in December are said to be dampening global investor sentiment.
Amid large-scale outflows from crypto funds such as Bitcoin Spot Exchange-Traded Fund (Bitcoin Spot ETF), which are favored by institutional investors, some experts are raising the possibility of further corrections.
Ethereum also fell 5.22% from the previous day to around $2,870, and most altcoins are showing weakness across the board.

[email protected] Kim Mi-hee Reporter