On November 10, bitcoin traded within a narrow range below $75,000, as uncertainty over the future of U.S. cryptocurrency regulation and persistent outflows from spot exchange-traded funds (ETFs) capped any rebound.
As of press time, bitcoin was up 0.4% at $74,749.1. Earlier, bitcoin fell sharply last week after Democrats won control of both chambers of the U.S. Congress. Although it has recovered somewhat this week, market sentiment remains cautious.
On the fund flow front, SoSoValue data showed that U.S. spot bitcoin ETFs recorded a net outflow of $201 million on Monday, extending last week's outflow trend of more than $1.2 billion. Meanwhile, Democratic Senator Elizabeth Warren, a long-time advocate of tougher cryptocurrency regulation, is seen as a top candidate to become the next chair of the Senate Banking Committee, heightening concerns that the United States may tighten crypto oversight.
Investors are also awaiting the U.S. October Consumer Price Index (CPI) due on Tuesday. The market expects both headline and core inflation growth to potentially accelerate. If inflation remains elevated, it could further reinforce expectations of Federal Reserve rate hikes, putting pressure on bitcoin and other high-risk assets.
Other cryptocurrencies showed mixed moves, with ethereum down 0.2% at $2,125.42, XRP up 0.7%, Solana down 0.4%, Cardano up 2.4%, and BNB up 1.4%. Among meme coins, dogecoin rose 2%, while the Trump meme coin fell 1.8%, still hovering near a record low.
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