Crypto Market Sees Significant Decline
The cryptocurrency market has experienced a substantial downturn, with the market capitalization plummeting 7.6% and falling below $3 trillion, currently standing at $2.98 trillion. This decline has affected 99 of the top 100 coins, which have seen a decrease in value over the past 24 hours. The total crypto trading volume has reached $269 billion. The crypto market sentiment has dropped to its lowest level in years, indicating a bearish trend.
Crypto Winners and Losers
Among the top 10 coins by market capitalization, all have seen their prices fall over the past 24 hours. Bitcoin (BTC) has dropped by 8.7% to $84,152, while Ethereum (ETH) has decreased by 10% to $2,729. Solana (SOL) has seen the highest decrease, with a 10.9% drop to $127. Dogecoin (DOGE) has also experienced a significant decline, falling 10.6% to $0.1411. Tron (TRX) has seen the smallest drop, with a 3.3% decrease to $0.2778.
Some experts warn that the downturn and selling have only just begun, and that Bitcoin is on track for its worst monthly performance since 2022. The crypto market is driven by uncertainty, with the selling pressure increasing. The crypto fear and greed index stands at 11, indicating extreme fear and a bearish sentiment.
Macroeconomic Jitters and Market Volatility
The crypto market has been affected by macroeconomic jitters, with the US Federal Open Market Committee (FOMC) expected to decide on interest rates in December. The rapidly dwindling chances of a December rate cut have contributed to the market’s volatility. However, the sign of relief that the AI bubble isn’t about to implode, after Nvidia’s forecast-beating earnings, has also influenced the market. The question is whether the bulls or bears will win this tug-of-war, with Bitcoin’s price moving toward the $74,500-$83,800 demand zone.
Bitcoin Price Chart. Source: TradingView
ETFs See Mixed Picture
The US BTC spot exchange-traded funds (ETFs) saw a significant outflow of $903.11 million on Thursday, the highest amount since February 2025. The total net inflow fell to $57.4 billion. Eight of the 12 BTC ETFs saw negative flows, with BlackRock recording -$355.5 million, followed by Grayscale’s -$199.35 million and Fidelity’s -$190.37 million.
Source: SoSoValue
Metaplanet’s Bitcoin Treasury Strategy
Tokyo-listed Metaplanet has approved a $135 million perpetual preferred share offering to fund BTC acquisitions. The Class B shares, branded “MERCURY” for Metaplanet Convertible for Return & Yield, combine quarterly fixed dividends with equity upside through conversion rights into common stock.
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