The cryptocurrency market remains under pressure as sentiment weakens and key assets slip, underscoring how macro-forces are forcing a reckoning among digital-asset investors. The total crypto market capitalisation has fallen to approximately US$3.54 trillion, a decline of about 3.9 % over the past 24 hours.
Leading the drop, Bitcoin (BTC) slid to roughly US$104,577, falling around 2.8 % in a single day, while Ethereum (ETH) dipped nearly 6.4 % to US$3,493. Among the broader set of major tokens, most of the top ten are in the red, reflective of widespread risk-off behaviour.
One of the most striking markers of the downturn is the scale of short-position liquidations: over US$1.33 billion of leveraged crypto positions were wiped out in the past 24 hours, coinciding with BTC sliding to about US$104,500.
A significant driver of the malaise is the cautious commentary from the Federal Reserve and a firming U.S. dollar, both of which diminish the appeal of higher-risk assets like cryptocurrencies. Analysts point out that Bitcoin’s inability to hold support near US$105,000 heightens the risk of deeper retracement.
With the fourth quarter traditionally seen as a favourable backdrop for crypto, this current stretch is raising concern that the usual seasonal tailwind may falter. The combination of institutional inflows ebbing, macro risk rising, and technicals weakening has left the market exposed.
For traders and investors, the message is clear: this is no simple dip waiting to be bought indiscriminately. Instead, the market appears to be shifting into a cautious phase where defensive posturing matters. Monitoring support levels in Bitcoin, ETF flows, and macro announcements from central banks may prove key to identifying when sentiment might stabilize. Until then, the crypto rally remains on pause — and possibly on the brink of more pain.
