"Much of that is due to crypto's October flash crash, caution from the Federal Reserve, and the tendency of investors to steer clear of risky assets. "Markets are essentially flying blind right now, starved of meaningful macro data and stabbing in the dark. That vacuum has triggered broad risk-asset selling," said James Butterfill, head of research at CoinShares. "A sharp repricing in expectations for a December Fed rate cut has fueled the selloff.""
"It's been a brutal stretch for the crypto market, which was flying high as recently as early October. On Thursday, Bitcoin, the original cryptocurrency, hit a low of under $87,000. Its price is down about 14% since last week. Altcoins like Ethereum and Solana have also been nosediving. The former is down 13% in the past week to its current price of around $3,000, and the latter is down 9% during that time to its current price of $139."
Cryptocurrency markets experienced a sharp October downturn, with Bitcoin falling below $87,000 and down about 31% from its all-time high near $126,000 since Oct. 6. Ethereum and Solana declined roughly 13% and 9% in the past week to around $3,000 and $139, respectively. Crypto-focused stocks such as Strategy and Circle fell approximately 16% and 20% over the last week. The selloff followed an October flash crash and a record liquidation event on Oct. 10 after tariff threats toward China, while weakening odds of a December Federal Reserve rate cut and broad risk-off sentiment amplified losses.
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