Bitcoin prices fell to the 102 million won, or approximately $74,961, range, extending selling pressure across the broader cryptocurrency market. The decline reflects a combination of policy uncertainty following the U.S. midterm elections and stronger-than-expected employment data, which have weighed on investor sentiment.
As of 8:10 a.m. on Nov. 9, Bitcoin was trading at 102.59 million won on the cryptocurrency exchange Bithumb, down 1.10% from the previous day. Weakness was also evident in global markets. According to CoinMarketCap, Bitcoin was trading at around $75,164, fluctuating near the $75,000 level. Major altcoins also declined, with Ethereum down 3.50%, XRP falling 2.90% and Solana losing 1.96%.
Market participants have pointed to the Republican Party's defeat in the U.S. midterm elections as one factor behind the selloff, given the party's perceived support for the cryptocurrency industry. Expectations for regulatory easing have weakened, while concerns over interest rates have resurfaced following the release of stronger-than-expected U.S. employment data for October. Nonfarm payrolls increased by 165,000, well above the market forecast of 65,000, while the unemployment rate fell to 4.1% from 4.2%. The figures have reinforced expectations that the Federal Reserve may maintain a restrictive monetary policy for longer.
According to the CME FedWatch Tool, the probability of a 0.25-percentage-point rate hike at the December meeting rose from 66.9% to 76.8% following the jobs report. Higher interest rates can tighten financial conditions and reduce liquidity, putting downward pressure on risk assets such as Bitcoin. The Crypto Fear and Greed Index stood at 28, placing market sentiment in the Fear category.
Large-scale liquidations in the derivatives market have also intensified the selloff. More than $1.27 billion in cryptocurrency derivatives positions were liquidated over a 24-hour period around Nov. 5 and 6, including more than $1.1 billion in long positions betting on higher prices. Meanwhile, concerns that tighter restrictions on AI data center construction could constrain the expansion plans of Bitcoin mining companies have added to market uncertainty.
Analysts have warned that Bitcoin could face further downside. Keith Alan, co-founder of cryptocurrency trading platform Material Indicators, said Bitcoin could fall to $69,000 if it fails to hold support near $75,500. U.S. spot Bitcoin ETFs recorded net outflows for two consecutive trading sessions, including $411.9 million in outflows on Nov. 6, indicating continued institutional selling pressure.
Some observers, however, argue that Bitcoin has shown greater resilience than in previous downturns. They point to the market's relatively limited price reaction to the Oct. 29 security breach at Binance, which affected approximately $6.34 billion in digital assets. Hong Jin-hyun, a researcher at Samsung Securities, also said the limited decline despite the major negative event suggested that downside support may be strengthening.
From an asset-allocation perspective, some analysts see Bitcoin gaining ground relative to gold. Jurrien Timmer, director of global macro at Fidelity, highlighted that the amount of gold that could be purchased with one Bitcoin had risen from a cycle low of 12 ounces to 21 ounces. The comparison points to Bitcoin's relative strength against gold, although it does not necessarily indicate a broad shift in investor allocations. Since 2024, inflows into U.S. spot Bitcoin ETFs have totaled approximately $55 billion, according to the figures cited in the report.
