Bitcoin drops 5.5% despite rising bank reserves

Community Trust Score Verified 80 % Real Verified 15 votes Updated 44 seconds ago Bitcoin closed at $75,969.06 on Nov. 5, a 5.54% decline from the previous day’s close of $80,428.31, according to Coinbase daily data. This price drop occurred after Federal Reserve data showed bank reserve balances rising by $67.5 billion between Oct. 28 and Nov. 4, while tracked dollar-pegged stablecoin units contracted by 1.91% over the same period. The Federal Reserve’s H.4.1 release reported Nov. 4 reserve balances at $2.96 trillion.

Source: The Currency Analytics