Bitcoin the price is nearing its lowest level since June 24, trading near $103,000. It is now about 20% below its October 6 record of $126,500.
The last time bitcoin traded below $100,000 was in late June, when tensions between Iran and the United States flared.
Meanwhile, the US government shutdown entered its 35th day, tying the 2018-2019 record for the longest in history. Prediction market Polymarket says the shutdown is expected to extend beyond November 16, continuing to put pressure on Bitcoin.
The U.S. Dollar Index (DXY), a measure of the currency’s strength against a basket of major currencies, recently climbed above 100 for the first time since Aug. 1, a move that typically puts pressure on risky assets like cryptocurrencies and stocks. Tech stocks are also weakening, with futures pointing lower and the Invesco QQQ Trust (QQQ) down about 1.5% in pre-market trading.
