Bitcoin Prices Fall in Sharpest Decline Since March — WSJ
By Joe WallaceThe cryptocurrency slump is deepening to start the month.Bitcoin was down about 7% in midday trading, poised for its largest daily decrease since March. The decline hurt shares of crypto-focused companies including Coinbase, Robinhood and Strategy. Broader U.S. indexes edged lower, while bond yields rose.The cautious mood extended a stretch of volatility for global markets, which have been choppy since fears of an AI bubble set in this fall. After rising on Black Friday, the S&P 500 still eked out a small gain in November, marking its seventh-consecutive winning month.This week, investors will scour data including the ADP employment report for clues about the Federal Reserve's next move at a meeting that concludes Dec. 10. Traders are confident the central bank will lower borrowing costs for the third time in a row, to bolster the labor market, according to CME Group data.President Trump said Sunday he has decided his nominee to replace Chair Jerome Powell, without giving a name. Bettors on prediction markets now heavily favor Kevin Hassett, director of the National Economic Council, as the most likely pick.In other markets:Stocks and bonds fell in Japan, where the central-bank governor signaled interest rates could rise later this month.Oil prices rose about 1%, after the OPEC+ cartel decided to hold production steady instead of pumping more crude.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).