Bitcoin Price Drops to $90,000

On November 20th, according to HTX market data, Bitcoin dropped below $89,000, with a 24-hour decline of 4.68%.

On November 20th, the trading department of JPMorgan Chase stated that the longest continuous decline in the US stock market since August has presented buying opportunities for dip buyers. Due to investors' concerns about the sustainability of the artificial intelligence concept rally and the Federal Reserve's monetary policy path, the S&P 500 index has fallen for four consecutive days and closed down 3.4% as of the close on Tuesday. Andrew Tyler, the director of JPMorgan Chase's Global Market Insights, stated that this pullback represents a one-time "technical shakeout" in the stock market and that the adjustment period may have come to an end. "Given that there have been no fundamental changes and our investment thesis does not depend on the Fed's easing policy, it is now possible to buy on the dip," Tyler wrote in a report to clients on Wednesday. (FX678)

On November 20th, based on CME's "FedWatch" data, the likelihood of a 25-basis-point interest rate cut by the Fed in December is 51.1%, whereas the probability of maintaining the current interest rate is 48.9%.

On November 20th, based on market data, the cryptocurrency concept stocks in the US stock market witnessed a general decline. These include: Coinbase (COIN), which dropped by 4.18% and is currently trading at $250.34; Circle (CRCL), which dropped by 8.77% and is currently trading at $69.88; MicroStrategy (MSTR), which dropped by 9.12% and is currently trading at $187.9; SharpLink Gaming (SBET), which dropped by 4.93% and is currently trading at $10.03.

On November 20th, according to the report in the New York Post, Trump Media & Technology Group, a crypto and social media company under the control of the Trump family, witnessed its stock price plummet to an all-time low as the cryptocurrency market continued to decline, which led to the Trump family's wealth shrinking by more than $5 billion. Former President Trump indirectly holds approximately 115 million shares of the company. Trump Media (stock symbol DJT) has dropped by nearly 70% this year, with 34.6% of the decline occurring in the past month. During Wednesday's early trading, the stock price fell by about 1% to $10.76. It had hit a low of $10.32 during the previous day's trading, a level not seen since 2021.

On November 20th, as per the report by CNBC, Hunter Horsley, the CEO of Bitwise, stated, "In the crypto world, there will be an ETF feast. I think there will be more than 100 products launched. We will witness a large number of single-asset crypto exchange-traded products (ETPs). Nevertheless, what truly excites me the most is the growth of index-based crypto ETPs." Even in the face of tough market conditions, he still holds the belief that index ETPs will be one of the most significant stories in the crypto space next year and ultimately become one of the largest categories attracting investor attention. Hougan further added, "This industry will be ten times larger in the future compared to its present size." On October 28th, Bitwise launched a Solana staking ETF, which tracks the price of the cryptocurrency Solana.