The cryptocurrency market experienced a sudden and dramatic drop on Sunday, November 30, leaving investors on social media asking, “What is Bitcoin down today?” and searching for the reason behind the crash.
The largest digital assets were hit hard:
- Bitcoin (BTC) slid as much as 4.3%, dropping below the $88,000 level.
- Ethereum (ETH) saw a steeper decline of around 6%, falling below $2,900.
- Widespread Impact: Price tracking showed Bitcoin was down about 3% and Ethereum was down over 4.5% in the last hour alone at the time of reporting.
The sudden volatility triggered massive liquidations, with one social media user posting that nearly $400,000,000 in long positions were liquidated in a single hour, creating a cascade effect across the market.
The Reason Behind the Crash: Risk-Off Sentiment and Macro Factors
While the crypto market is notoriously volatile and can fluctuate dramatically within short periods, analysts pointed to a confluence of global and financial factors fueling this particular “risk-off” move:
- Risk Aversion and Macro Concerns: According to Bloomberg, the sudden slide was viewed as a “risk off start to December.” The market has been under structural pressure throughout November, mirroring declines in tech stocks and other risk-sensitive assets amid broader macroeconomic concerns.
- Weak Institutional Support: A key concern highlighted by analysts is the meager inflows into Bitcoin exchange-traded funds (ETFs) and a noticeable absence of “dip buyers” stepping in to capitalize on the falling prices. This points to cooling institutional interest.
- Federal Reserve Uncertainty: The coming week is set to deliver critical data on the strength of the U.S. economy, which will inform the Federal Reserve’s debate on how aggressively to move on interest rates through 2026. This ongoing uncertainty over the timing and extent of potential rate cuts is weighing heavily on speculative assets like crypto. President Donald Trump’s Sunday announcement that he has chosen a nominee for the next Federal Reserve chair adds to the focus on monetary policy and borrowing costs.
- Key Support Level Watch: Analysts are now closely watching the $80,000 level on Bitcoin as the next key support.
The market slump on Sunday coincided with a cautious mood in broader global markets, with Asian stocks wavering and S&P 500 futures slipping slightly in early Monday trading.