U.S. Stocks Closed Lower on Thursday, with the Nasdaq Falling Over 2%; Bitcoin Dipped to $86,100 at One Point

BlockBeats News, November 21st, U.S. stocks closed on Thursday, with the Dow preliminarily down 0.84%, the S&P 500 down 1.55%, and the Nasdaq Composite down 2.15%. Nvidia (NVDA.O) fell 3.1%, rising as much as 5% intraday.

On the cryptocurrency front, Bitcoin fell to a low of $86,100 at 3:00 this morning, and has since made a small rebound to $87,200; Ethereum fell below $2,800 at one point, and has now slightly recovered to $2,850.

Recent large-scale outflows from spot Bitcoin and Ethereum ETFs, as well as the soft retreat of U.S. stocks, have all contributed to the downturn in the cryptocurrency market. Bitcoin mostly declines during the U.S. stock market's opening hours, followed by a rebound and recovery during the Asian session, highlighting selling pressure from the U.S.

At the same time, the market no longer expects a rate cut by the Fed in December. Strong job numbers have reduced the risk of rising unemployment, with a 39.6% probability of a 25 basis point rate cut by the Fed in December.