The great crypto crash of 2025 entered a new phase on Wednesday (Nov 19), as Bitcoin plunged to its lowest level in seven months. The largest cryptocurrency fell to as low as US$88,522 in New York trading, with the latest rout hitting investors big and small, from retail dip-buyers to digital-asset treasury firms whose stock premiums are vanishing. Token prices climbed from the lows later in the day after Nvidia gave a strong revenue forecast, helping counter concern that a global surge in artificial intelligence spending is poised to fizzle. The next psychological thresholds lie around US$85,000 and US$80,000, with the 2025 trough of US$77,424 in focus.
The total market capitalisation of cryptocurrencies peaked at about US$4.3 trillion on Oct 6 and now hovers near US$3.2 trillion. Still, much of that change reflects paper losses, not real-world cash leaving hands. Following a cascade of forced liquidations on Oct 10, when more than US$19 billion of leveraged crypto positions were offloaded, the market’s fragility was exposed. That event triggered a chain reaction of margin calls, exchange-traded outflows and halted fresh buyer interest.
Investors are stabbing in the dark a bit – they haven’t got any direction on macro, so all they can see is what on-chain whales are doing and they’re getting quite worried about it. Bitcoin’s surge to just north of US$126,000 earlier in the year was based on twin pillars: expectations of multiple US Federal Reserve interest-rate cuts and growing institutional adoption. Both narratives have stalled while momentum buyers have beaten a retreat. The fall is dealing a heavy blow to digital-asset treasury firms, whose valuations were built on the earlier rally.
Ether dropped back below US$3,000. After lagging Bitcoin during the first half of this year’s rally, Ether, the second-largest token, eventually rose to almost US$5,000 in August to briefly clear its 2021 high. It has since relinquished those gains. I think we are closer to the end of the selling than the beginning, but markets are uncomfortable and crypto could have more downside here before it finds a base to recover from. The contracts will be benchmarked to iEdge CoinDesk Crypto Indices, which cover real-time benchmarks and reference rates for Bitcoin and Ethereum. The regulations will apply to 105 types of cryptocurrencies available in Japan such as bitcoin and ethereum, and would require exchange service providers to disclose information such as the risk of price fluctuations. SGX to launch Bitcoin, Ethereum perpetual futures on Nov 24.
Bitcoin slumped to a seven-month low, bottoming near US$88,522 in New York trading and extending the more than US$1 trillion wipeout across digital assets. Ether slid back below US$3,000 as broader sentiment soured, though selective rebounds emerged later after Nvidia issued a strong revenue forecast. The move underscored ongoing fragility in crypto markets, even as some tokens recovered later in the day.
The total market capitalization of cryptocurrencies has fallen from a peak near US$4.3 trillion on Oct 6 to around US$3.2 trillion, with much of the decline labeled as paper losses rather than cash leaving hands. A cascade of forced liquidations on Oct 10, totaling more than US$19 billion in leveraged positions dumped, exposed how quickly liquidity can deteriorate and sparked margin calls and outflows. Investors remain directionless on macro trends and are watching on-chain whale activity for clues. The market’s earlier rally depended on expectations of Federal Reserve rate cuts and growing institutional adoption, but both pillars have stalled. Looking ahead, traders eye psychological levels around US$85,000 and US$80,000, with the 2025 trough near US$77,424 in focus. Regulatory developments add another layer of attention, including Japan’s plan to apply disclosures to 105 types of cryptocurrencies and SGX’s launch of Bitcoin and Ethereum perpetual futures on Nov 24.
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