Key Takeaways
How did crypto mining stocks perform?
Mining stocks fell, with Cipher Mining down 12.14%, Bitfarms down 9.74%, Riot Platforms down 8.59% and MARA Holdings down 6.83%.
Was there any positive news in the crypto market?
Yes, Bitcoin ETFs saw $239.9 million in inflows after a week of outflows, which is a sign of renewed investor confidence.
The crypto market has entered a bearish phase, triggering new waves of caution among investors.
Crypto tokens are seeing a downturn
After weeks of volatility and mounting warning signs, Bitcoin [BTC] has finally dipped below the $101,000 mark and is trading at $100,176.85, down 3.01% in the last 24 hours and 8.66% during the week.
Meanwhile, Etehréum [ETH] was trading at $3,260.62 after dropping 4.09% in the past 24 hours and 15.84% in the past week, according to CoinMarketCap.
The broader market followed suit, with global crypto capitalization falling to $3.33 trillion after rising 2.81%. reject one day.
The crypto fear and greed index reflects the mood again decreased entered the ‘fear zone’, indicating growing uncertainty among traders.
Crypto mining stocks are falling
In addition to the gloomy market, crypto mining stocks also took a hit. Cipher Mining Inc. led the losses, plummet 12.14% and was trading at $21.71 at the time of writing.
Bit farms ltd. followed, drop 9.74% to $5.19, while Riot Platforms Inc. slipped 8.59% to $17.34.
MARA Holdings Inc. was also not spared, falling 6.83% to $15.96, according to Google Finance data.
ETF market sees inflows
Amid the broader sell-off, however, there was a glimmer of optimism in the ETF market.
After a week of outflows, Bitcoin ETFs returned to inflows. intake $239.9 million in new investments, at time of writing. Ethereum ETFs, on the other hand, continued to struggle, with outflows of $12.5 million. Farside Investors.
All this happened because the macroeconomic backdrop further complicated market sentiment.
What’s behind this?
The US announced 153,074 job losses in October, the highest number for that month since 2003. Challenger Gray.
This figure represents a 183% increase from September and a 175% increase year-on-year, bringing the total number of layoffs to more than 1.1 million by 2025.
As a result, the surge in job creation has revived expectations of a possible rate cut by the Federal Reserve in December, with companies citing cost pressures and AI-driven efficiency gains as key factors.
Meanwhile, the ongoing US government shutdown, now approaching a record length, has deepened political divisions.
Democrats, once united against Republican demands, are now divided; some call for negotiations to break the stalemate, while others remain steadfast.
The impact of the shutdown is spreading, from air travel delays to food aid disruptions, increasing economic pressure.
Together, these political tensions, economic headwinds and uncertainty in the crypto sector have contributed to a broader market decline.