[Bitcoin Now] Bitcoin Drops Below $90,000 Again

The price of Bitcoin fell below $90,000, dropping to around $86,000. The strong U.S. employment data has reduced the likelihood of an interest rate cut. This is interpreted as a sign that investor sentiment toward risk assets has weakened.

According to CoinMarketCap, a global virtual asset market data platform, as of 8:39 a.m. on November 21, Bitcoin was trading at $86,793.93, down 5% from 24 hours earlier. Bitcoin had fallen to the $88,000 level the previous day before recovering to around $92,000. However, it turned downward again, dropping to the $86,000 range. This is also the lowest level since April 21 of this year.

Other virtual assets are also on a downward trend. Ethereum dropped 5.85% to $2,839.31. Ripple (XRP) also fell by 4.71%. In addition, Binance Coin (BNB) and Solana (SOL) are each down by 1-2%.

The decline in the prices of virtual assets is attributed to the decreased possibility of an interest rate cut by the U.S. Federal Reserve.

On November 20 (local time), the U.S. reported 119,000 new non-farm payroll jobs for September. This figure was significantly higher than the expected 53,000. The unemployment rate was 4.4%, which is higher than the forecast of 4.3%, but the labor market still showed strength. As a result, expectations for a rate cut in December dropped to below 40% in the FedWatch market of the Chicago Mercantile Exchange (CME) after the employment data was released.