The bitcoin price is approaching its lowest since June 24, trading near $103,000. It is now about 20% below its Oct. 6 record high of $126,500.
The last time bitcoin traded below $100,000 was in late June, when tensions between Iran and the U.S. flared.
Meanwhile, the U.S. government shutdown has entered its 35th day, tying the 2018–2019 record for the longest in history. Prediction market Polymarket indicates that the shutdown is likely to extend beyond Nov. 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 pressures risk assets like cryptocurrencies and equities. Tech stocks are also weakening, with futures pointing lower and the Invesco QQQ Trust (QQQ) down roughly 1.5% in pre-market trading.
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