Bank of England Raises Rates to 4%: The Energy Shock Behind Bitcoin’s Slide

The Bank of England raised Bank Rate by a quarter point to 4% on 5 November, with eight of the nine Monetary Policy Committee members voting for the move and one dissenting in favour of a half point. Bitcoin traded near $80,390 in the hour before the 12:00 UTC announcement, lost about 1% by the end of that hour, then broke through the New York session to $75,568, its lowest print since 16 September. By 17:20 UTC it was $75,923, down 5.5% over 24 hours, and CoinGlass counted $1.06 billion of liquidations in the same window.

Source: Blockchain Reporter