BTC below $90K, XRP tanks 7%: why the crypto market is crashing again
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A short-lived rebound in cryptocurrencies evaporated on Wednesday, with Bitcoin tumbling 4% back below $90,000 even as US stocks advanced.
Bitcoin slipped to about $89,398, down 4.2% on the day and 12.2% over the week, with the broader market firmly in risk-off mode as total crypto market value dropped nearly 5% today.
Ethereum traded near $2,912, falling 7.2% on the day and 15.3% over the week. It continued to lag bitcoin as liquidity thinned amid macro-driven uncertainty.
Solana hovered around $131.97, lower by 5.8% on the day and 14.0% over the week.
XRP was at roughly $2.05, down 7.2% on the day and 12.4% weekly, mirroring the broader slump across major tokens as sentiment deteriorated.
Crypto-exposed equities tracked the downturn.
MicroStrategy dropped more than 8% to a one-year low, while Circle, BitMine, Bitfarms and Hive Digital saw similar declines.
The Nasdaq, though off its intraday highs, remained up 0.2%.
The latest pullback underscores persistent risk aversion. The Crypto Fear and Greed Index remained stuck in “Extreme Fear,” reflecting the market’s struggle to stabilise after Bitcoin set a record near $126,000 in early October.
“Bitcoin has no future”: BTC price continues to fall
Bitcoin has fallen nearly 30% from its peak, breaking through key levels and unsettling ETF investors and long-term holders alike.
Traders betting on a rebound now face mounting losses as the world’s largest cryptocurrency hovers near $89,500.
Longtime Bitcoin critic Peter Schiff reiterated his view that the cryptocurrency is structurally flawed.
“Bitcoin has no future,” Schiff said on social media, adding that it is not an effective medium of exchange and arguing that stablecoins and tokenised gold offer stronger alternatives.
He warned that “the race to get out of Bitcoin is on.”
ETF outflows approach monthly record
Investor caution is evident in fund flows. US-listed spot Bitcoin ETFs are nearing $3 billion in net outflows for November, placing them on track for their worst month since launch.
The group recorded $372 million in outflows on Tuesday, extending a five-day streak of withdrawals, according to Farside Investors.
BlackRock’s iShares Bitcoin Trust logged $523 million in outflows — its largest single-day redemption since its debut in January 2024.
Total redemptions for November now stand at $2.96 billion, with BlackRock accounting for $2.1 billion of that figure.
Another week of selling could push monthly outflows past the $3.56 billion recorded in February, which would make November the weakest month for spot Bitcoin ETFs despite the period’s historically strong performance for the asset.
Together, the price declines, increased leverage, critical commentary and heavy fund redemptions highlight a market struggling to find its footing after weeks of persistent selling pressure.
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