Bitcoin Dips Below $80,000 Ahead of Fed Decision, Midterms

In brief

• Bitcoin briefly fell below $80,000 over the past day, touching about $79,330, before recovering to trade at $80,264, down 2.7% on the week, per CoinGecko.
• U.S. spot Bitcoin ETFs saw more than $773 million in net outflows on Thursday and Friday, leaving October on course for a net loss.
• Analysts warned of further volatility ahead of the Federal Reserve's decision on Wednesday and the U.S. midterm elections on November 3.

Bitcoin slipped below $80,000 over the past 24 hours, as a sell-off in technology stocks and nervousness ahead of the Federal Reserve's rate decision weighed on risk assets.

The leading cryptocurrency fell as low as $79,332 before recovering to $80,240, down 2.5% over the past week, according to CoinGecko data. It remains about 36% below its all-time high of $126,080.

$84.8k$83.1k$81.3k$79.6k

24h HighHigh$80,825

24h LowLow$79,332

VolVol$1.2B

U.S. spot Bitcoin ETFs saw $635.5 million in net outflows on Thursday, wiping out most of the gains from a three-day run of inflows, followed by a further $137.9 million on Friday, according to SoSoValue. Even so, the funds ended the week up about $301 million, snapping a two-week losing streak, though they remain down about $314 million for October.