U.S. Stock Market Declines as Cryptocurrency Faces Downward Pressure

According to BlockBeats, U.S. stock markets closed lower on Thursday, with the Dow Jones Industrial Average dropping 0.84%, the S&P 500 falling 1.55%, and the Nasdaq Composite decreasing by 2.15%. Nvidia shares fell 3.1% after initially rising by 5% during the trading session. In the cryptocurrency market, Bitcoin briefly fell to a low of $86,100 at 3:00 AM UTC+8, before slightly recovering to $87,200. Ethereum also dipped below $2,800, later rebounding to $2,850. The recent large-scale outflows from spot Bitcoin and Ethereum ETFs, coupled with the weakness in U.S. stocks, have contributed to the downward pressure on the cryptocurrency market. Bitcoin tends to decline during U.S. trading hours and then recover during the Asian trading session, highlighting the selling pressure from the U.S. Additionally, the market no longer anticipates a Federal Reserve rate cut in December. Strong employment figures have reduced the risk of rising unemployment, with the probability of a 25 basis point rate cut by the Federal Reserve in December standing at 39.6%.