Bitcoin Plunges Below $102K Amid Weak U.S. Demand, Fed Divided on December Cut

The recent plunge of Bitcoin below $102,000 highlights a troubling trend in the cryptocurrency market, driven by weak U.S. demand as evidenced by the Coinbase Premium's longest negative streak since April. This decline suggests a waning interest among investors, which is further complicated by the Federal Reserve's divided stance on potential interest rate cuts in December. As the Fed leans more hawkish, market participants are left uncertain about the future trajectory of both traditional and digital assets, creating a challenging environment for Bitcoin and its investors.