Bloomberg: Bitcoin Falls Below $70,000 as Inflation and Regulatory Pressure Combine with Institutional Outflows

Odaily News: Bitcoin fell below $70,000 on Friday, hitting a three-month low since August 20. The decline came as Asian stocks strengthened, with the MSCI Asia-Pacific Index rising 1%, while U.S. Treasury yields held at Thursday's highs, with inflation concerns continuing to drive up market expectations for further Federal Reserve rate hikes.

In addition, after the U.S. midterm elections, Democrats are expected to regain control of both chambers of Congress next year, and the market is concerned that the crypto industry will face stricter regulatory scrutiny. Institutional capital also continued to flow out, with U.S. spot Bitcoin ETFs recording cumulative net outflows of more than $2.5 billion between October 30 and November 11. (Bloomberg)