Bitcoin, Ethereum lead the decline

Bitcoin fell below $86,500, dropping 4.63% in 24 hours, while Ethereum sank over 5% to $2,830. XRP, Binance Coin and other large-cap assets also slipped sharply, deepening the market’s 30-day downtrend.

With volatility returning to the forefront, investors are asking one question: Why is crypto down today?

Top Reasons Why Crypto Is Down Today

1. Heavy leveraged liquidations

One of the biggest triggers behind today’s fall is the unwinding of highly leveraged positions.

• Over $16 million in Bitcoin long positions were liquidated in a single day.

• Previous liquidations in October wiped out nearly $19 billion of levered bets after Bitcoin hit an all-time high.

As these long positions are force-sold, prices drop sharply, creating a chain reaction across the market.

2. Bitcoin breaks critical support levels

Bitcoin slipped below key technical supports:

• $90,954 support zone

• $87,000 Fibonacci levels

Losing these levels accelerates selling pressure as traders cut losses or exit positions. Market participants are now watching whether Bitcoin will retest $80,659, its October low.

3. Risk-off sentiment hits global markets

Sean McNulty, APAC derivatives trading lead at FalconX, described today as a “risk-off start to December.”

Low inflows into Bitcoin ETFs and an absence of dip buyers are adding pressure. With investors turning cautious:

• Safe-haven assets see inflows

• Crypto sees outflows

• Liquidity thins, making price swings sharper

4. Macroeconomic fears intensify

Broader macroeconomic concerns amplified the selloff.

• Fears of a Bank of Japan rate hike

• Japanese government bond yields hitting a 15-year high

• Volatile Asian market sentiment impacting global risk assets

As global markets turn cautious, crypto—already a high-risk domain—feels the heat immediately.

5. Weekend low liquidity worsened the move

The drop occurred early Sunday–Monday when liquidity is naturally weaker.

Low liquidity amplifies every sell order, causing:

• Faster declines

• Longer red candles

• Higher volatility

This is why major cryptos fell within minutes, triggering panic across social media.

6. Investor sentiment turns negative

The decline has pushed trader mood firmly into “fear mode,” with many still recovering from the recent 20% monthly drop.

Posts on X (Twitter) reflected real-time panic:

• “What is Bitcoin down today?”

• “Crypto is going to zero rn.”

• “$400 million longs liquidated in minutes.”

Negative sentiment accelerates selling and keeps buyers cautious.

Is this the start of a deeper crash?

Analysts remain divided. While some see this as a healthy correction, others warn that if Bitcoin breaks below $80,000, a larger selloff could follow.

For now, the market remains volatile, and traders are watching:

• ETF inflow trends

• U.S. economic data for 2026

• Federal Reserve rate expectations

• Asian market reactions

• High-yield bond movements

According to the exchange’s announcement, the rollout will take place in three waves:

Wave 1 – November 27
New listings: HBAR/IDR, MANTA/IDR, SCR/IDR, WLD/IDR

Wave 2 & 3 – November 29
Pairs include: ASTER/IDR, FLOKI/IDR, WIF/IDR, ADA/IDR, BTC/IDR, DOGE/IDR, XRP/IDR, among many others.

IDR — the official currency of Indonesia — will now serve as a direct quote currency for dozens of top crypto assets, making it easier for Indonesian traders to buy and sell tokens without converting to U.S. dollars or stablecoins first.

Indonesia remains one of the world’s most active crypto markets. Chainalysis ranks the country 7th globally in crypto adoption, ahead of major economies like the UK, Turkey, and Russia.

Despite Binance’s reputation for triggering major market moves with new listings, the announcement had little effect on the price of the involved digital assets. Unlike first-time token listings, new fiat trading pairs generally do not spark volatility.

Alongside its expansion, Binance will also conduct routine maintenance on trading pairs with weak performance. The exchange confirmed it will delist BMT/FDUSD, GMT/BTC, ME/BTC, and TOWNS/FDUSD on November 28 due to low liquidity.

Binance clarified that delisting a pair does not affect the availability of the underlying tokens:
“Users can still trade the spot trading pair’s base and quote assets on other trading pair(s) that are available on Binance,” the exchange noted.

Earlier in October, Binance fully terminated support for Flamingo (FLM), Kadena (KDA), and Perpetual Protocol (PERP), triggering steep price declines as assets typically face reduced liquidity and visibility post-delisting.

The latest IDR expansion underscores Binance’s ongoing effort to strengthen its presence in Indonesia — a market that continues to show strong retail and institutional demand for digital assets.

The 24-hour chart shows BNB moving between a low of approximately $851 and a high of around $904, indicating a wide intraday range. Although the recent bounce signals improving short-term sentiment, the price action suggests that buyers are still struggling to establish a stable foothold above $900.

Data from the trading dashboard also indicates a mixed flow of orders. The money-flow breakdown shows significantly higher sell volume in large orders compared with buys over the measured intervals, contributing to pressure on upward momentum. Meanwhile, sentiment from Binance Square reflects a largely optimistic community mood, with 71 per cent voting bullish.

BNB remains above its recent local bottom but continues to trade below key moving averages on the one-day chart. The token’s market capitalisation stands at around $123.8 billion based on the visible data provided. Whether BNB can sustain a move above $900 will depend on how trading volumes and market sentiment evolve over the coming sessions, but current charts indicate that the level remains a firm short-term hurdle.

Disclaimer: This report is based on visible market data and is not financial advice. Crypto markets are volatile; readers should exercise caution.

The day’s biggest winners came from the smaller‑cap end of the market, where BANANAS surged to about $0.0054 with a gain of nearly 55 per cent, putting it at the top of the gainers’ list. Other notable risers included DODO at roughly $0.0304 and ORCA at $1.30, each advancing more than 20 per cent in a single session, with tokens such as OM, ACE and PENDLE also logging solid double‑digit percentage increases.

On the downside, RESOLV headed the top‑losers column, slipping to around $0.105 with a decline of more than 22 per cent over 24 hours. PARTI and WLFI also faced heavy selling pressure, each dropping more than 8 per cent, while PROM, MMT and several other names recorded mid‑single‑digit to high‑single‑digit losses as traders rotated profits out of recent outperformers into fresher momentum plays.

Data as on 10:09AM IST.

Trading data from the one‑day chart indicated a session open close to $90,484, with the price reaching a high of about $91,950 and a low just under $90,000 before closing near $91,150. The move left Bitcoin up roughly two per cent on the day, as the market stabilised following a series of heavy sell‑offs that had wiped tens of thousands of dollars from its value since the all‑time high.

Technical indicators on the chart, including short‑ and medium‑term moving averages, showed the price beginning to curl back towards the 25‑day average after spending several sessions below it. Traders said the bounce from the $80,600 area, combined with rising intraday volumes, suggested that a local floor may be forming, though Bitcoin remains well below its peak near $120,000 reached in late October.

Market participants are now watching whether Bitcoin can hold above the psychological $90,000 level and build on the recovery towards the mid‑$90,000s. A sustained move higher, they noted, would strengthen the case that the worst of the recent downturn is over, while a break back below $90,000 could invite another round of selling from short‑term speculators.

The campaign will award:

• 1 winner: $100,000 in Bitcoin

• 5 winners: $10,000 in Bitcoin each

• 162 winners: $500 in Bitcoin
  The total prize pool is valued at approximately $1.386 million, with 1,008 users set to receive rewards.

How to enter

PayPal users will earn one entry for every successful crypto transaction made on the platform, with a maximum of 10 entries per week. Transactions involving PayPal’s PYUSD stablecoin are not eligible. US residents may also enter for free via mail. Winners will be notified by email and must respond within five business days. As required by US law, prizes will be subject to IRS tax reporting.

Why PayPal is doing it

The company has been working to revive growth amid intense competition in the digital payments and crypto space. PayPal has offered crypto buying and selling to millions of customers ahead of many traditional finance peers, but this marks the first time it has launched a dedicated crypto giveaway.

Industry analysts say the move could attract users who currently trade on platforms such as Coinbase or Binance.

PayPal vs. Coinbase

PayPal offers a smaller selection of cryptocurrencies — including Bitcoin, Ether, Litecoin, Solana, Chainlink, and its own PYUSD stablecoin — largely due to regulatory considerations. While its asset list is limited, PayPal’s major advantage remains ease of use, especially for first-time crypto buyers.

Coinbase, by contrast, offers a far wider global presence and broader token selection. It is available in more than 100 countries, while PayPal’s crypto services are accessible only in the US, UK, and Germany, with more European markets planned.

Fee structures also differ, with PayPal often facing criticism for higher transaction costs compared to traditional exchanges.

In terms of stock performance, PayPal shares are down about 29% this year, while Coinbase has fallen around 2%.

Crypto giveaways gaining popularity

While “free Bitcoin” offers commonly appear in scams, legitimate competitions are becoming more common. One example is Cardsmiths’ “Currency Series” trading cards, which offer odds-based crypto rewards — including prizes up to 1 BTC or 1 ETH.

Analysts say such giveaways can encourage newcomers to open wallets, learn basic crypto concepts, and make initial purchases, helping expand broader adoption.