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Bitcoin slid below $90,000 for the first time in six months and dragged the whole cryptocurrency market into a steep correction.
Altcoins also took a hit; Ethereum, XRP, Solana, Cardano, Dogecoin, and BNB have all lost significantly.
The general decline in crypto prices today was influenced by macroeconomic uncertainty, ETF outflows, and Mt. Gox wallet activity.
The cryptocurrency market witnessed a sharp decline in value on November 18, 2025. Bitcoin stumbled below $90,000 for the first time in six months, dragging crypto prices lower across the board today. The total crypto market capitalization was down 4.4% to $3.17 trillion, with nearly all top digital assets changing hands in the red. Let’s see why the crypto market is down today based on CoinMarketCap data.
The Bitcoin price tumbled 5.1% to 90,190 dollars, the lowest since early spring. The flagship cryptocurrency has effectively wiped out its year-to-date gains as traders start to reduce their exposure to riskier assets. BTC had reached a market capitalization of 1.79 trillion dollars with a 24-hour trading volume exceeding 104 billion dollars. Heavy selling pressure hit Bitcoin during Asian trading hours.
CoinSwitch Markets Desk noted, “After a mild recovery yesterday, BTC has fallen to $91,000, a level last seen in April 2025. Institutional money continues to flow out of BTC ETFs, and uncertainty around US rate cuts has kept investors on the sidelines. However, MicroStrategy revealed that it continues to buy BTC, adding $835 million worth of bitcoin last week. With the US government shutdown now lifted, liquidity is expected to improve as government spending resumes. Bitcoin’s nearest support is around $91,000, and if this level breaks, it could retest the $88,000–$89,000 zone. Traders should avoid panic selling, and some may see this as an opportunity to enter the market at lower prices.”
Ethereum price retreated 5.5% to trade at $2,994, briefly breaking below the key $3,000 support zone many traders have been watching. Trading volume for the second-largest cryptocurrency by market capitalization reached $46.8 billion as its market capitalization dropped to $363 billion.
Other major cryptocurrencies in the top ten also recorded significant losses:
XRP Price was down 4.5% at $2.15, with a market capitalization of $130 billion. Solana price fell 3.1% to 135.74 dollars, retreating from its recent highs. BNB declined by 2.9% to $905.45 but retained the position of the fifth-largest cryptocurrency with a market capitalization of $124.7 billion. Cardano changed hands 4.9% lower at $0.4670, while Dogecoin retreated 3.7% at $0.1550. Even smaller-cap tokens didn't get a free pass as crypto prices today reflect the across-the-board weakness in the market.
As expected, stablecoins were steady, with Tether at $0.9988 and USD Coin at $0.9997, providing a haven for traders exiting riskier positions. TRON was relatively strong, slipping just 0.8% to trade at $0.2903.
Also Read: Crypto Prices Today: Bitcoin Price at $94,931, Ethereum Drops 0.72% as Liquidations Hit $389 Million
A number of factors combine to pressure crypto prices today, but the principal catalyst is a broader shift in risk appetite across financial markets.
Markets await, with bated breath, Thursday's nonfarm September payrolls report, delayed by the longest US government shutdown on record. The accompanying data blackout has left investors to question the health of the economy. It has forced most into cautious trading without clear economic signals. This uncertainty has hit high-risk assets particularly hard, with cryptocurrencies bearing the brunt of the selloff.
Expectations of a December Federal Reserve interest rate cut by markets have plunged sharply from over 60% earlier in the month to around 40%. This has caused investors to favor cash and safer assets at the expense of the volatile crypto markets. The explanation for some of the recent pressure is that higher-for-longer interest rates make yield-bearing assets more attractive relative to non-yielding cryptocurrencies such as Bitcoin.
US Bitcoin spot ETFs recorded their fourth consecutive day of outflows on Monday, with $220.1 million leaving the products. BlackRock's IBIT fund saw $145.6 million in withdrawals, while ARKB, a fund from the same firm, suffered an even larger $297 million outflow.
Ethereum ETF products also experienced heavy redemptions, with $182.7 million in net outflows, primarily driven by $193 million from ETHA. The persistent selling via regulated investment vehicles indicates institutional investors are pulling away from crypto exposure.
Adding to market jitters, Arkham Intelligence detected a major transfer from a Mt. Gox cold wallet that moved 10,422.6 BTC worth approximately $936 million to a new address during early Asian hours. The purpose behind this transaction is not yet clear, but traders were keeping a close eye on Mt. Gox activity amid expectations of creditor distributions that would add to selling pressure.
Also Read: Bitcoin News Today: BTC Price Struggles below $105K, Will the End of the US Shutdown Spark a Recovery?
The sharp drop notwithstanding, some market participants view the current weakness as a typical correction rather than a fundamental break. According to Gadi Chait, investment manager at Xapo Bank, for example, the move is shaking out newer investors while long-time holders remain calm, seeing this as a normal market cycle where leverage gets flushed out.
According to analysts at Bitfinex, this represents the third-largest pullback since 2023 and the second-largest since Bitcoin ETFs went live, suggesting that a local bottom could be seen soon. Their reasons for optimism are sound: markets have survived similar drops previously, and periodic drawdowns remain a familiar feature of crypto investing.
1. Why did Bitcoin fall below $90,000 today?
Bitcoin fell below $90,000 because of a combination of global risk-off sentiment, delayed US economic data, weakening stock markets, and collapsing expectations of a Federal Reserve rate cut. Heavy ETF outflows and Mt. Gox wallet transfers had further added to the pressure, compelling traders to liquidate positions and creating a broad crypto market selloff.
2. Why is the crypto market down today?
Because the crypto market generally moves in lockstep with Bitcoin, when BTC sees such a sharp decline, altcoins almost always follow. Owing to general economic uncertainty, weaker global stock markets, and low liquidity, investors have been abandoning high-risk assets. Meanwhile, ETFs and institutional investors have also been reducing their crypto exposure, adding downward pressure to nearly all major tokens.
3. Does the crypto crash affect stablecoins?
Tokens like USDT and USDC are not seriously affected since they are pegged against the US dollar. Stablecoins usually serve as safe havens when traders move funds away from risky assets in highly volatile periods, so their prices remain steadier compared to the rest of the market.
4. What role did ETF outflows play in today’s crash?
In this regard, ETF outflows have been highly instrumental in signaling weakened institutional demand. Large-scale withdrawals, especially from Bitcoin and Ethereum ETFs, are an indication that major investors are cutting exposure. It is this trend that increases selling pressure, algorithmic trading responses, and hence, quicker and fuller price declines across digital assets.
5. Will the crypto market recover anytime soon?
Though the conditions remain volatile in the short term, the majority of analysts have suggested that this correction resembles previous cycles where leveraged positions are flushed out. Long-term holders seem unconcerned; they see the decline as temporary. Recovery would depend on clarity in macroeconomic conditions, stability in stock markets, inflows into ETFs returning, and lessened selling pressure due to events like Mt. Gox distributions.
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