On November 21, US stocks closed lower on Thursday. The Dow Jones Industrial Average preliminarily fell 0.84%, the S&P 500 Index dropped 1.55%, and the Nasdaq Composite Index declined 2.15%. Nvidia ((NVDA.O)) fell 3.1%, after rising as much as 5% intraday.

In the cryptocurrency sector, Bitcoin briefly dropped to a low of $86,100 at 3:00 a.m. today and has since slightly rebounded to $87,200. Ethereum once fell below $2,800 and has now slightly recovered to $2,850.

Large outflows from spot Bitcoin and Ethereum ETFs recently, along with the weakness and pullback in US stocks, have been the driving forces behind the cryptocurrency market’s downturn. Bitcoin mostly declines during US stock market trading hours, then rebounds and recovers during the Asian session, highlighting the selling pressure coming from the US.

At the same time, the market no longer expects a Federal Reserve rate cut in December. Strong employment has reduced the risk of a rising unemployment rate, and the probability of a 25 basis point Fed rate cut in December is 39.6%.