Bitcoin hovered around $68,700 on Friday after Wall Street opened, rebounding from a low of about $67,500. The cryptocurrency was down roughly 4% for the day and failed to reclaim $70,000, its lowest level since mid-August. The US Producer Price Index rose 0.3% month over month and 6.5% year over year in October, coming in 0.1 percentage point below expectations, although its annual increase was the largest since November 2022. In this environment, the S&P 500 fell 1.2% and the Nasdaq Composite dropped 1.5%, while markets raised the probability of a 25-basis-point Federal Reserve rate hike in December to 89.7%. At $68,700, Bitcoin is down 17.7% in the fourth quarter and 11.2% month to date, marking its second-worst quarterly performance on record.
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