coindesk.com
Bitcoin $BTC$100,368.04 and the rest of the crypto market continued the trend of not just losing ground, but notably sliding the most during U.S. market hours.
Following a recent pattern, $BTC had bounced to as high as $104,000 overnight but reversed course in early U.S. hours, barely holding above $100,000 just past the noon hour on the east coast and now lower by more than 1% over the past 24 hours.
The retreat came amid a steep broad decline in risk assets as investors come to grips with the idea that the Fed — at the moment — doesn't appear intent on cutting rates in December. The Nasdaq is down 2% and S&P 500 1.3%.
Crypto-linked equities were hit hard once more, especially miners with heavy AI infrastructure and data center exposure. Bitdeer (BTDR) plunged 19% and Bitfarms (BITF) dropped 13%, while Cipher Mining (CIFR) and IREN lost over 10%. The rest of the crypto equity sector also saw steep losses: Galaxy (GLXY), Bullish (BLSH), Gemini (GEMI) and Robinhood (HOOD) were all down 7%-8%.
$BTC's 2025 peak could be in
The pullback underscores a trend that’s defined crypto markets in recent weeks: persistent weakness during U.S. hours, coinciding with cooling expectations of a December rate cut from the Federal Reserve.
"Crypto is closely linked to macro-economics now more than anytime in the past," said Paul Howard, senior director at trading firm Wincent.
With markets now pricing in roughly 50/50 odds for a 25 basis points rate cut next month, Howard expects $BTC to stay muted near current levels for the remainder of the year.
"My sense is with just six weeks left, we’ve seen the all-time highs for 2025," he said. "From here, we likely get a steady ascension over the course of the coming year — volatility acknowledged."