BTC (Bitcoin) fell 2.85% in 24 hours

Gate News Bot news, on November 4th, according to CoinMarketCap, as of the time of writing, BTC (Bitcoin) is currently reported at $104,500, down 2.85% in the last 24 hours, with a high of $116,100 and a low of $104,500. The 24-hour volume reached $74.247 billion. The current market capitalization is approximately $2.08 trillion, a decrease of $61.19 billion compared to yesterday.

Bitcoin is an innovative payment network and a new type of currency. Bitcoin operates on a peer-to-peer technology, requiring no central authority or bank for management; transaction processing and Bitcoin issuance are executed collectively by the network. Bitcoin is open-source; its design is public, and no one owns or controls Bitcoin, allowing everyone to participate. Through its unique properties, Bitcoin enables exciting uses that previous payment systems cannot cover.

Important news about BTC recently:

1️⃣ Regulatory pressure intensifies, Bitcoin wallet founder faces criminal charges The U.S. Department of Justice has filed criminal charges against two founders of Samourai Wallet, accusing them of operating a money transmission business without a license and participating in the laundering of criminal proceeds. The prosecution is seeking a maximum sentence of 5 years in prison, claiming that the service laundered at least $237 million from 2015 to 2024. This incident highlights the increasing regulatory pressure faced by the cryptocurrency industry, which could have a negative impact on the Bitcoin ecosystem.

2️⃣ Institutional investors' Bitcoin purchase volume has significantly decreased The net purchase volume of Bitcoin by institutional investors has fallen below the daily mining issuance for the first time in seven months. The purchase volume of the digital asset trust (DAT) has significantly decreased since August 14, and the demand for spot ETFs has also sharply declined after the market crash on October 10. Currently, there are 188 DAT that hold large positions but lack a business model, and the interest from institutional buyers has noticeably decreased. This trend may lead to downward pressure on Bitcoin prices in the short term.

3️⃣ Long-term holders take profits, selling pressure increases In the past 30 days, long-term holders of Bitcoin have sold 405,000 BTC. This indicates that some early investors have chosen to take profits at the current price level, increasing selling pressure in the market. At the same time, on-chain data shows that a large amount of Bitcoin has been transferred to exchanges, which is also one of the main reasons for the decline in Bitcoin prices in October.

From a technical perspective, the price of Bitcoin is currently fluctuating around $104,500, and may continue to face downward pressure in the short term. However, some analysts remain optimistic about the price of Bitcoin by the end of the year, expecting it to rise to a range of $120,000 to $150,000. Investors should closely monitor institutional fund flows and changes in regulatory policies, and view market fluctuations rationally.

This message is not intended as investment advice; investors should be aware of market volatility risks.