Crypto Crash Update, Nov 4: Bitcoin Below $108K, Ethereum Drops 3%, Solana Down 6%; Fear Index Rises

The crypto market this morning continues to reel under selling pressure, with major digital assets seeing sharp declines over the past week. According to CoinDCX Data, the global market capitalisation is decreasing, reaching close to $3.5 trillion, and the market sentiments continue to remain under fear.

"The crypto market is consolidating, with Bitcoin trading near $107,000 while Ethereum trades at $3600. The current move could continue as investors digest the hawkish tone from the Fed last week, indicating no rate cut in December. This, combined with the absence of key U.S. economic data releases, increased the uncertainty in the market, leading to profit booking across the board. However, Strategy bought 397 BTC for $45.6 million, indicating strong institutional appetite even at these levels. For now, BTC's key resistance lies at $108,800, while support stands at $104,400." Said Edul Patel, CEO of Mudrex

Bitcoin and Ethereum Prices Drop

As of today, Bitcoin (BTC) is trading at $107,011.14, down 0.88% in the last 24 hours. The leading cryptocurrency has fallen more than 13% in the past month.

On the other hand, Ethereum (ETH), the second-largest crypto asset, dropped 2.93% in 24 hours to $3,640.51, with its market cap slipping to $439.47 billion. Ethereum has lost over 19% in the last 30 days.

Altcoins Witness Sharp Corrections

Among other top cryptocurrencies, Solana (SOL) plunged 6.50% to $166.75, while Binance Coin (BNB) declined 4.49% to $997.22. Both tokens have seen double-digit losses this month, down 27.12% and 14.58%, respectively. Cardano (ADA) also struggled, dropping 3.11% to $0.5612, marking a steep 33% monthly loss.

XRP (Ripple) was down 3.95%, trading at $2.36, while Dogecoin (DOGE) slipped 3.15% to $0.1711. Meme coins have been among the biggest losers in this downturn, with Dogecoin down over 32% in the last month. TRON (TRX) also dropped 3.13%, trading at $0.2849, as the sentiment in the altcoin space remains weak.

Stablecoins Hold Ground

Stablecoins like Tether (USDT) and USD Coin (USDC) continued to trade flat at $1.00, maintaining their pegs.

Gainers and Notable Movers

While the majority of tokens are in red, WhiteBIT Coin (WBT) stood out as a gainer, rising 0.19% in 24 hours and up over 22% in the past month, trading at $54.14. In contrast, Chainlink (LINK) tumbled 6.24% to $15.41, extending its monthly decline to 30%.

Other top gainers for today are Decred, Dash, Internet Computer, and Zcash, with 68.82%, 30.88%, 10.52%, and 8.26%, respectively. Besides, the losers include Aster with an 18.15% drop, Bitget Token with 15.42%, and Aptos by 15.16%.

Market Outlook Ahead

"The crypto market opened in November under pressure, with Bitcoin down to roughly $106,400-$107,500, marking a near-20% drop from its recent highs. This slide was triggered by hawkish remarks from Federal Reserve Chair Jerome Powell downplaying December rate cuts, alongside heavy liquidations ($1.18B in the last 24 hours) in the broader crypto market as leveraged positions were forced out. Technically, Bitcoin has broken below its 200-day average (around $109,800) and is now threatening support near about $94,200, a move that keeps the near-term outlook cautious." as per the CoinSwitch Markets Desk.

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