Leading cryptocurrencies fell alongside stocks on Monday, as investors prepare to analyze critical employment data.
Crypto Market Falls Further
Bitcoin extended its losses, diving below $86,000 early afternoon. The decline spilled over to the broader market, dragging Ethereum below the key $3,000 mark as well.
XRP and Dogecoin were down more than 4% as of this writing.
Shares of cryptocurrency-linked stocks Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closed down 8.14% and 6.37%, respectively, during the regular trading session.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR and COIN here.
Over $600 million was liquidated from the cryptocurrency market over the last 24 hours, according to Coinglass, including $505 million in bullish long bets.
Bitcoin's open interest fell 1.88% in the last 24 hours, and more than 35% since the leading cryptocurrency's all-time highs in October.
The "Extreme Fear" sentiment persisted in the market, according to the Crypto Fear and Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
| pippin (PIPPIN ) | +22.91% | $0.4305 |
| MYX Finance (MYX) | +12.99% | $0.1307 |
| Four (FORM ) | +10.60% | $0.3038 |
The global cryptocurrency market capitalization stood at $3.03 trillion, following a drop of 1.75% in the last 24 hours.
Stocks Slide Ahead Of Jobs Data Release
Stocks ended in the red on Monday. The Dow Jones Industrial Average slid 41.49 points, or 0.09%, to settle at 48,416.56. The S&P 500 dipped 0.16% to finish at 6,816.51, while the tech-focused Nasdaq Composite fell 0.59% to 23,057.41.
The Bureau of Labor Statistics is set to release the November nonfarm payrolls data and the October establishment survey data on Tuesday.
Wall Street analysts forecast roughly 40,000 new nonfarm payrolls for the period, marking a sharp slowdown from September’s 119,000 jobs added.
Market Likely To Remain ‘Uncomfortable’ For New Entrants
On-chain analytics firm CryptoQuant noted that Bitcoin has been trading below Short-Term Holders' realized price of $104,000 for nearly two months now, suggesting that recent buyers are underwater.
Short-Term Holders are addresses that have held BTC for less than 155 days.
"As long as Bitcoin fails to reclaim the STH realized price near $104,000, market conditions are likely to remain uncomfortable for recent entrants, a structure more consistent with a transitional phase than with a bearish market," CryptoQuant added.
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, commented on Bitcoin's latest breakdown, projecting further drops below $83,800 and even $80,500.
Van De Poppe said this makes sense in a week marked by employment data, consumer price index and the possibility of a Bank of Japan rate hike.
Conversely, the analyst said a rebound above $88,000 would be a "strong" signal and mark the end of the correction.
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