Bitcoin Hits 12-Week Low as Fed Rate Fears Undo Most of Summer Rally

Bitcoin fell to about $68,500 on Friday, its lowest level in 12 weeks, as inflation concerns and investor withdrawals weighed on cryptocurrency prices. The decline has erased most of Bitcoin’s late-summer recovery and reflects concern that US interest rates may stay higher, making speculative assets less attractive.

Bitcoin was down 4.5% in 24 hours and 9.5% over the week, while Ethereum traded near $1,925 and Solana fell below $80. Futures markets indicated a 91.9% chance of a quarter-point Fed rate rise and an 8.1% chance of a half-point rise; these are trader expectations, not a Fed decision. US spot Bitcoin funds saw about $1.49 billion in net outflows from 5 to 12 November, although they retain $55.5 billion in cumulative net inflows. Bitcoin remained about 16% above its late-June low of $59,000, with immediate support near $67,650.