This Friday, November 7, the cryptocurrency market is reporting slight losses, reflecting widespread caution in global finance. The global market capitalization has decreased by 0.7% in the last 24 hours, standing at $3.49 trillion, according to data. Despite the weakness, trading volume remains active at $180.4 billion.
At the time of this writing, most major cryptocurrencies are showing declines. Bitcoin (BTC) is trading at $101,553, down 0.2%, while Ethereum (ETH) is down 0.1% to $3,336.
Altcoins Show Mixed Performance
However, several major assets have defied the trend. XRP (XRP) stands out with a 4.5% rise, reaching $2.22. Cardano (ADA) also rose 1.8%, and Dogecoin (DOGE) gained 1.6%. In the altcoin space, speculative activity continues: DeAgentAI (DAI) soared 618.7%, and Zcash (ZEC) increased by 19.5%, reflecting interest in AI and privacy-focused projects.
Global Risk-Off Sentiment Impacts Prices
The main cause of this weakness is the risk-off sentiment in the crypto market and traditional markets. Asian stock exchanges, such as Japan’s Nikkei 225 (-1.75%) and Hong Kong’s Hang Seng (-0.74%), closed in the red, following Wall Street’s lead. The Nasdaq fell 1.9% on Thursday, dragged down by profit-taking in technology and artificial intelligence stocks.
Macroeconomic uncertainty is intensifying. US labor data showed 153,074 job cuts in October, nearly triple last year’s total, and the partial US government shutdown continues to cloud economic visibility.
Bitcoin ETFs Show Resilience Amidst Broader Fear
Despite this caution, institutional data from November 6 showed strong resilience. US spot Bitcoin ETFs recorded a solid net inflow of $240 million, breaking a negative streak. BlackRock’s IBIT led with $112.4 million, followed by Fidelity’s FBTC ($61.6M).
However, general retail investor sentiment has deteriorated sharply. The Fear and Greed Index plummeted to 21, indicating “Fear,” a drastic change from the “Greed” level of 62 a month ago.
Technical Outlook for Bitcoin
For Bitcoin, the key support level to watch is $100,000. A break below could push prices toward $98,500. Immediate resistance is at $103,000.
The information presented in this article is for informational purposes only and should not be interpreted as investment advice. The cryptocurrency market is highly volatile and may involve significant risks. We recommend conducting your own analysis.