Bitcoin Falls Below $111K After GDP Revision; SOL, DOGE, AVAX, SUI Lead Decline

Bitcoin (BTC) has dropped below $111,000, its lowest since early September, as economic data led to a decline in risk assets, including cryptocurrencies. U.S. GDP growth for the second quarter was revised upward to 3.8%, overpowering previous estimates. This stronger economic performance has dampened expectations for upcoming Federal Reserve interest rate cuts, causing investors to reassess their positions. Bitcoin experienced a 1.6% decline over 24 hours, ending an upward trend seen in recent weeks. Meanwhile, Ethereum (ETH) fell 4.5% as it struggled to maintain its relative performance against Bitcoin. Other cryptocurrencies, including Solana (SOL), Dogecoin (DOGE), Avalanche (AVAX), and SUI, also reported significant losses. In parallel, crypto-related stocks like MicroStrategy (MSTR) and Coinbase (COIN) faced notable stock declines, affecting market sentiment. Overall, the combination of rising Treasury yields and lower expectations for interest rate cuts has negatively impacted the crypto market, as sentiment reflects a more fearful outlook amongst investors.

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