Bitcoin, Ethereum, XRP, Dogecoin Extend Losses Ahead Of Shutdown End
News Summary
Bitcoin has slipped to $103,000 amidst mixed macro signals and ongoing uncertainty surrounding the U.S. government shutdown. Major cryptocurrencies including Ethereum, Solana, XRP, Dogecoin, and Shiba Inu also experienced losses, with Coinglass reporting over $412 million in liquidations over the past 24 hours. Notable developments include Ripple's pivot towards traditional finance, China's accusation of a $13 billion U.S. "state-backed crypto heist," Robinhood CEO's endorsement of tokenization, a proposed U.S. Senate crypto market structure bill, and new IRS guidance for crypto ETFs. Analysts predict a potential Bitcoin market bottom could form within 328 days, projecting a decline to $38,000-$50,000. Market sentiment remains stuck between "fear" and "extreme fear." While whale selling is observed, some analysts anticipate an upward move once support holds after the current retest.
Background
This article reports on cryptocurrency market movements in November 2025, amidst a U.S. government shutdown and mixed macro signals, creating significant market uncertainty. A government shutdown, particularly under President Trump's re-elected administration in 2025, could stem from budget impasses or political stalemates. Cryptocurrency markets are historically volatile, with performance often influenced by regulatory news, institutional adoption, global economic conditions, and geopolitical events such as accusations between China and the U.S. Efforts by U.S. regulators to clarify crypto assets, like the proposed Senate bill and IRS guidance, aim to provide clearer frameworks for the industry but can introduce short-term market volatility.
In-Depth AI Insights
How do the ongoing U.S. government shutdown and potential crypto legislative actions influence institutional adoption and broader market sentiment for cryptocurrencies? The U.S. government shutdown in 2025, under President Trump's administration, amplifies market uncertainty, especially for nascent asset classes like cryptocurrencies. It likely deters cautious institutional capital, as budget impasses and disruptions to policymaking increase regulatory risk, thereby delaying investment until a clearer crypto market structure emerges. - The proposed U.S. Senate crypto market structure bill, if passed by late 2025, could provide much-needed regulatory clarity in the long term, fostering institutional participation. However, in the short term, the legislative uncertainty leading up to its passage and its potential impact on existing business models could induce market volatility. - For example, new IRS guidance, while potentially beneficial for crypto ETFs ultimately, could introduce compliance challenges during its initial implementation phases. What are the deeper geopolitical and financial implications of China's accusation of a U.S. "state-backed crypto heist"? China's public accusation of a $13 billion Bitcoin "heist" by the U.S. is less about the crypto itself and more about the broader geopolitical and economic tensions between the two nations. This accusation likely aims to: - Undermine the U.S. dollar's status as a global reserve currency and question the integrity of the U.S. financial system. - Sow doubt about U.S. credibility in global finance, especially in the nascent digital asset space. - Potentially justify future stricter controls on digital assets within China or bolster its own digital currency internationalization efforts. This could lead to further divergence between the U.S. and its allies in digital asset regulation and security, creating a 'digital cold war' and potentially prompting nations to accelerate independent digital infrastructures to mitigate risk. With market fear and whale selling, analysts predict Bitcoin's continued decline to $38,000-$50,000. What structural shifts does this signal for the future crypto market? The analyst's prediction of a significant Bitcoin decline to $38,000-$50,000 suggests a market anticipating a potentially longer bear cycle than commonly expected. This indicates: - The market is still undergoing a "deleveraging" process, flushing out excessive speculative positions, which is crucial for building a more sustainable bull cycle after a period of highs. - Whale selling signifies that large holders may be taking profits or are concerned about the broader macroeconomic outlook, likely signaling continued downward pressure on prices in the short term. - Despite immediate bearish sentiment, such a substantial correction could lay a stronger foundation for the next cycle, attracting long-term investors seeking accumulation at lower prices. If this prediction holds, the market might experience a prolonged consolidation phase at the bottom, weeding out weaker players and setting the stage for a new, healthier price discovery cycle.