Bitcoin plummets due to postponement of interest rate cuts and SEC complaint... temporarily collapses to $59,000

Last month's Consumer Price Index (CPI) exceeded market expectations, leading to the postponement of the Fed's big 0.5 percentage point cut, and the Securities and Exchange Commission (SEC), the US securities regulator,
Upon hearing the news that the cryptocurrency company had been sued, Bitcoin plummeted by more than 4%, collapsing by $59,000 (approximately 8.77 million yen).
As of 6:10 a.m. on the 11th, Bitcoin rose 1
However, at around 3 a.m. on the same day, Bitcoin fell to $58,895, down more than 4% from 24 hours earlier.
The price of Bitcoin fell below the $59,000 mark for the first time since September 17th. The reason for the sharp drop in Bitcoin on this day was that the CPI rose above market expectations last month.
As a result, the Fed's 0.5 percentage point interest rate cut was effectively postponed. Not only that, but the SEC filed a lawsuit against the cryptocurrency company Cumberland DRW.
The SEC also accused Cumberland DRW of trading cryptocurrency assets without registering as a securities dealer.
This rekindled fears of SEC regulation of the cryptocurrency industry, which appears to have sent Bitcoin plummeting.