- Cryptocurrencies fell sharply on Monday amid a renewed broad selloff in the market
- Bitcoin dropped 4.3% to below $88,000 and Ether fell 6% to under $2,900 in early Asia trading
- The selloff follows a $19 billion wipeout in leveraged bets in early October after Bitcoin's peak
Cryptocurrencies fell sharply on Monday, bringing fresh momentum to a wide-ranging selloff that appeared to have settled.
Bitcoin slid as much as 4.3% to below $88,000 in early Asia trading, while Ether dropped 6% to below $2,900, according to data compiled by Bloomberg.
The crypto market is on shaky ground after a weeks-long selloff that began when some $19 billion in levered bets were wiped out in early October, just days after Bitcoin set an all-time high of $126,251. A let-up in the selling pressure saw the original cryptocurrency regain ground last week, rising to above $90,000.
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After the latest bout of selling on Monday, traders are bracing for bigger moves lower.
“It's a risk off start to December,” said Sean McNulty, APAC derivatives trading lead at FalconX. “The biggest concern is the meagre inflows into Bitcoin exchange traded funds and absence of dip buyers. We expect the structural headwinds to continue this month. We are watching $80,000 on Bitcoin as the next key support level.”
The week ahead is set to offer a crucial snapshot of US economic momentum as policymakers weigh the trajectory of interest rates heading into 2026. Data is likely to shape expectations for whether the Federal Reserve continues its rate-cutting cycle. US President Donald Trump on Sunday said he had decided on his pick for the next Fed chair, after making clear he expects his nominee to deliver interest-rate cuts.
A gauge of Asian equities fluctuated in early trading after capping its best weekly advance in about two months, while S&P 500 futures edged lower.
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