Deutsche Bank: 5 Key Reasons for Bitcoin's Price Drop - Market Risk-off Sentiment and Fed Hawkish Signal

On November 24th, Bitcoin just went through its worst week since February, plummeting by more than 30% from last month's peak. Analysts at Deutsche Bank pointed out five key factors: · Market Risk-off Sentiment - The trend of Bitcoin resembles that of high-growth technology stocks (highly correlated with the Nasdaq 100 Index), rather than being an independent "store of value" asset. · Fed Hawkish Signals - Powell warned that a December rate cut is not a certainty (although the New York Fed's Williams subsequently made dovish remarks). · Crypto Legislation Process Stalled - The progress of the Senate's "Digital Asset Market Clarity Act" has slowed down. · Institutional Funds Continuously Withdrawing - Large investors are withdrawing funds. · Long-term Holders Taking Profits - Early holders are cashing out their gains.