Bitcoin plummeted to $ 84,800 in a flash

Bitcoin BTC $90,513.64 Mezo Wrapped BTC -0.07% Market capitalization $51.36 million VOL. 24 hours $0.28 billion fell sharply to $ 84,800 during morning trading in Asia, after which it partially recovered and rose to $ 86,213. The decline put pressure on the entire crypto market: Ethereum ETH $3,079.31 Bridged Ether (StarkGate) 0.11% Market capitalization $70.66 million VOL. 24 hours $0.25 billion fell by more than 7% to $ 2,800, and Solana SOL $135.75 Binance-Peg SOL 0.38% Market capitalization $0.15 billion VOL. 24 hours $0.13 billion lost about 7.8%. This comes after a brief recovery last week, following a 16.7% drop in November when $ 19 billion in leveraged positions were liquidated after bitcoin hit a record high of $ 126,251 in October.

According to Coinbase, the correction of the crypto market coincided with a decline in US stock futures. Contracts on the Dow Jones lost 18 points, while the S&P 500 and Nasdaq-100 remained almost unchanged. This comes after a strong week for US stock indices, with the S&P 500 up 3.7%, the Nasdaq Composite up 4.9%, and the Dow up 3.2%.

Despite the decline, institutional flows to exchange-traded funds indicate renewed interest in crypto assets. Between November 24 and 28, spot Ethereum-ETFs raised $ 313 million, Bitcoin-ETFs $ 70 million, and Solana-ETFs $ 108 million. For Solana, this is the fifth week in a row with a positive balance, which may indicate a gradual stabilization of demand after a wave of sales in October and November.

Analysts attribute the current decline in the crypto market to a general weakening of risk appetite in Asia and investor caution before the beginning of December. Historically, this month has been one of the best for US indices: according to Stock Trader’s Almanac, the S&P 500 has averaged a 1% increase in December since 1950.

Amid the volatility, Bank of America named Nvidia, Palantir, and Robinhood among the most promising stocks for long-term investment. Meanwhile, Ethereum founder Бутерін" href="https:>Vitalik Buterin called on the Zcash community to abandon the token-based governance model, and Coinbase launched a pilot program of basic income in USDC for 160 New Yorkers.