Bitcoin Hits New Low

The cryptocurrency market faced significant downturns on Wednesday, with Bitcoin reaching a new low for November 2024. This decline follows a week of turmoil in the crypto world, highlighted by a major security breach at Bybit, where $1.5 billion was stolen.

Impact of Global Events

Adding to the market's instability, former United States President Donald Trump's recent comments on global tariffs have likely dampened enthusiasm for digital assets. These events have created a challenging environment for cryptocurrencies, leading to increased volatility and investor caution.

Market Performance

Bitcoin briefly traded at $83,310 before experiencing a 4.60% drop, settling at $84,499 by 1:47 pm ET. Similarly, Ethereum saw a significant decrease, falling 7.24% to $2,313. These movements underscore the fragile state of the cryptocurrency market amidst ongoing external pressures.