Market Overview
The crypto market capitalisation has slipped more than 1.5% over the past 24 hours, reaching $2.45 trillion – its lowest point since August. After lagging behind equities on Monday, cryptocurrencies failed to recover on Tuesday, coming under renewed pressure. The decline is driven by a stronger U.S. dollar, which spiked on solid jobs data and remarks from Federal Reserve official Christopher Waller indicating a possible 50‑basis‑point rate hike in December. Additionally, risk capital appears to be rotating into artificial‑intelligence projects ahead of Anthropic’s upcoming IPO, mirroring a similar shift observed between May and June. While the robust economic outlook has kept equities relatively resilient, digital assets and precious metals have suffered. Among the most actively traded altcoins, Internet Computer (+4.8%), Avalanche (+4.5%) and Cosmos (+2.6%) posted gains, whereas Uniswap (‑7%), Dash (‑4.3%) and Basic Attention Token (‑2.8%) were the main decliners. The market’s breadth remains skewed, with gainers outnumbered by losers at a ratio of 1:6.
Bitcoin has slipped back below the $74,000 level, now testing its 200‑day moving average. Monday’s modest rebound was quickly eclipsed by fresh selling pressure, pushing prices to the lowest levels seen since August. That month’s bullish momentum, sparked by comments from the U.S. Treasury Secretary and the Fed, has since eroded as hawkish fundamental data dampened buyer enthusiasm. From a technical standpoint, the current 200‑day MA test is critical; a break below it could trigger a deeper sell‑off. Merely holding the present levels will not be sufficient for a reversal – a strong upward move from current support would be required to signal a bottom.
News Background
Large investors have been increasingly moving BTC onto exchanges, heightening selling pressure. Although the leverage ratio has fallen, it remains elevated, and a sustained recovery will depend on buyers returning to the spot market, according to XWIN Japan. Bitcoin has re‑entered the MVRV indicator zone that previously signalled sharp corrections in 2020 and 2023, analyst Quinten François notes. Moreover, BTC has fallen below the lower boundary of the power‑law model that outlines the long‑term price corridor, a breach that has historically coincided with major shocks such as the FTX collapse and the COVID‑19 crash, points out analyst Mark Harvey. Into the Cryptoverse founder Benjamin Cowen warns that the correction may continue into the coming weeks, with a final bottom potentially forming in December.
Lookonchain reports that 14 public companies have off‑loaded roughly 108,247 BTC—valued at $8.08 billion—since the start of 2026. More than half of that volume originated from just two sellers, MARA and Riot Platforms.
PNC Bank, partnered with Coinbase, is testing a service that enables USDC payments on the Ethereum network. The solution aims to accelerate international settlements and improve corporate access to funds.
The New York Stock Exchange (NYSE) will employ the Avalanche network for clearing and settlement on its forthcoming tokenised securities platform, creating a separate blockchain with controlled participant access.
Senator Elizabeth Warren plans to intensify oversight of prediction markets and cryptocurrency projects linked to the Trump family when she assumes the chairmanship of the Senate Banking Committee in January.