US EditionPublished • loading... • Updated
Bitcoin Sinks Below $88,000, Crypto Market Cap Drops Below $3 Trillion — What's the Next Support Level?
Bitcoin fell over 5% amid a broader crypto sell-off driven by $19 billion in wiped leveraged bets and concerns over US interest rate policy, analysts said.
- On Dec 1, Bitcoin slid as much as 5 to below $87,000 in morning Asia trading, prompting traders to brace for bigger moves lower.
- A weeks-long rout began when some US$19 billion in leveraged bets were wiped out in early October, after Bitcoin's US$126,251 peak, and last week's lift above US$90,000 proved short-lived amid structural headwinds and weak ETF inflows this month.
- Strategy's mNAV tumbled to 1.19 against its US$56 billion Bitcoin stockpile as investors on Dec 1 digested Phong Le's Nov 28 remark on potential sales if mNAV turned negative.
- Market watchers point to US$80,000 as the next key support for Bitcoin after S&P Global Ratings warned of USDT's potential undercollateralisation, with Solana falling more than 7%.
- The week ahead will offer a crucial snapshot of US economic momentum as policymakers weigh interest-rate trajectory into 2026, while data will shape expectations on the Federal Reserve's rate-cutting cycle this month.
Insights by Ground AI
Podcasts & Opinions
12 Articles
12 Articles
Bitcoin dips under $88,000 with risk-off sentiment driving early December slide
Bitcoin dropped sharply on Monday amid a broad risk-off move that erased $140 billion from the crypto market. Ethereum and major altcoins tumbled sharply, while analysts noted heavy liquidations, weakening technicals, and macro uncertainty. Still, experts say the decline appears more like a leverage flush-out than a structural breakdown.
·India
Read Full Article
Bitcoin sinks below $88,000, crypto market cap drops below $3 trillion — What's the next support level?
Cryptocurrencies fell sharply on 1 December, bringing fresh momentum to a wide-ranging selloff that appeared to have settled. With Bitcoin below the critical support level, what lies ahead for the world's largest crypto and the overall market?
·New Delhi, India
Read Full Article
Coverage Details
Total News Sources12
Leaning Left1Leaning Right4Center1Last UpdatedBias Distribution66% Right
Bias Distribution
- 66% of the sources lean Right
66% Right
L 17%
C 17%
R 66%
Factuality
To view factuality data please Upgrade to Premium
