Bitcoin dropped 2.43% to 107,785 dollars, extending a three-week struggle below 113,000-dollar resistance.
Ethereum's price fell 4.25% to $3,732 amidst cooling institutional demand for ETH ETFs.
Traders look to Friday's US jobs report, which will be a key event to impact Fed rate-cut expectations and crypto sentiment potentially.
Crypto prices today traded in the red zone, with key digital assets trading lower ahead of key US jobs data release. Bitcoin was down 2.43% at $107,785, while Ethereum fell 4.25% to $3,732. Investors became cautious after comments from US Treasury Secretary Scott Bessent seemed to point to recession risks and a reconsideration of monetary policy. Let’s see how crypto prices performed today in detail based on CoinMarketCap data.
Bitcoin price led the decline, shedding 2.43% to fall to $107,785.73. The world's largest cryptocurrency maintains a market cap of $2.14 trillion with 19.94 million BTC in circulation. Its trading volume reached $42.89 billion over the past 24 hours.
Ethereum's price fell more abruptly, shedding 4.25% to $3,732.76. The second-largest crypto by market value stands at a market capitalization of $450.53 billion with $29.42 billion in daily trading volume.
XRP price was down 3.28% to $2.43, with a market capitalization of $146.46 billion. The token has a circulating supply of 60.1 billion XRP and a trading volume of $3.16 billion.
BNB slipped 4.81% to $1,039.80, pushing its market cap to $143.22 billion. The exchange token saw $2.50 billion in daily volume over 137.73 million BNB in circulation.
Solana price tumbled 5.16% to $177.24 and suffered one of the steeper losses among top tokens. SOL now commands a $97.95 billion market cap with $4.61 billion in trading volume and 552.61 million tokens circulating. TRON (TRX) was down 1.11% to $0.2929 for a market capitalization of $27.74 billion with 94.66 billion TRX in circulation.
Stablecoins Tether and USD Coin hovered around their $1.00 peg, changing -0.01% and -0.02% respectively. USDT commands an $183.45 billion market cap while USDC stands at $75.79 billion.
Dogecoin shed 6.60% of its value and traded at $0.1748. The market capitalization of the meme coin now stands at $26.51 billion, with $1.51 billion changing hands over the last day.
Cardano completed the top 10 with a 6.44% drop to $0.5734 for a $20.56 billion market capitalization while having 35.86 billion ADA circulating.
Also Read: Market Dips Push Bitcoin Sentiment Lower: Why Bears are Gaining Strength?
Crypto prices fell on November 2 and continued the similar downtrend today. The dip came after comments from Treasury Secretary Scott Bessent that the Federal Reserve's high interest rate policy is forcing parts of the economy into recession. During a weekend CNN interview, Bessent specifically indicated that the housing sector was showing recessionary signs.
The Secretary of the Treasury said the central bank now has space to cut borrowing costs, warning that keeping rates high could create deeper economic problems, especially for households carrying significant debt.
While the digital assets initially strengthened on hopes that Bessent's remarks may support the case for rate cuts, those gains quickly faded. Traders are concerned that rate cuts driven by economic weakness may trigger short-term volatility, rather than the steady flow of liquidity that typically benefits crypto markets.
Dominance by Bitcoin remains strong, indicating that investors are sticking with the largest cryptocurrency rather than taking risks on smaller alternative tokens.
On-chain data is showing weakened momentum for the price of Bitcoin. BTC has failed to break above $113,000, which is the price level representing the average cost basis for short-term holders. According to some analysts, this threshold is also the line between the bullish and corrective phases of the market.
This level of $113,000 has been capping the price for three weeks now, after Bitcoin consistently traded above it for six months. The shift signals fading demand at current price levels, according to blockchain analytics firm Glassnode.
If Bitcoin breaks significantly lower, the next major support zone sits near $88,000, based on the realized cost basis of actively circulating supply, a metric that has marked corrective phases in previous market cycles.
Long-term Bitcoin holders have increased their selling in October. In fact, one address, identified as ‘BitcoinOG,’ has transferred about 13,000 BTC, valued at around $1.48 billion, to leading exchanges such as Kraken, Binance, Coinbase, and Hyperliquid, since October 1.
At the same time, long-term Bitcoin holder Owen Gunden has moved 3,265 BTC, worth approximately $364.5 million, to Kraken since October 21. These rising exchange deposits signal a boost in selling pressure from long-term holders - a trend that traders are keeping an eye on as BTC strives to seek a stable footing.
According to investment firm Matrixport, inflows into Ethereum ETFs have cooled down dramatically. Monthly inflows fell from over $5 billion during the summer to $600 million in October.
Recent buying has become highly concentrated, with Bitmine now responsible for most of the new ETF inflows. Analysts warn that without broader institutional participation, ETH may continue trading sideways, with potential downside risk.
Its fund net asset value currently sits slightly above the launch level, meaning that the fund can issue additional shares to bring in more capital. That, however, risks diluting existing shareholders, raising concerns about long-term sustainability. On the bright side, the next network upgrade of Ethereum, Fusaka, is scheduled on December 3, 2025.
Also Read: Why Ethereum Could See a Huge Price Surge: Top 3 Factors
Crypto prices today reflect cautious positioning in advance of key economic data. Bitcoin's inability to reclaim key technical support levels adds to increased selling from long-term holders, suggesting the near-term pressure may persist. The jobs report set the course for markets as investors try to find their footing and face deeper corrections in crypto prices.
1. Why did Bitcoin price fall today?
Bitcoin fell by 2.43% as investors grew cautious ahead of the US jobs data due this week. Comments from Treasury Secretary Scott Bessent that warned of recessionary risks further pressed on market sentiment.
2. What is causing the decline in the general crypto market?
The crypto market drop is a result of fears that the United States' economy might be slowing down because of high interest rates. Traders are reducing exposure before the economic data that could confirm weaker growth trends.
3. How are long-term Bitcoin holders affecting prices?
Long-term holders have started selling more Bitcoin as over $1.8 billion of BTC has been moved to exchanges recently. This sort of activity tends to increase supply pressure, which regularly leads to short-term price weakness for BTC.
4. Why is Ethereum performing worse than Bitcoin?
Ethereum fell more sharply as ETF inflows slowed to $600 million in October from $5 billion earlier. Reduced institutional demand has made ETH more vulnerable to broader market corrections.
5. What should investors watch next week?
The major focus is on Friday's US jobs report. Robust job data might delay interest rate cuts and pressurize crypto, while weaker data may support prices by increasing the odds of monetary easing.
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