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$150B wiped: Bitcoin drops below $87k on Japan yield shock

Thin order books met hard macro triggers and the market snapped as it entered December.

CryptoSlate

Dec 1

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Happy Monday!

December kicked off with a jolt as Bitcoin plunged below $87,000 following a shock surge in Japan’s yields, wiping out $150 billion and revealing fragile order books vulnerable to macro shocks. Meanwhile, Bitcoin ETFs closed November on a somber note with a late $70 million inflow, facing a delicate start to December amid thin liquidity and Federal Reserve pressures. Adding to market jitters, a $36 million hack at Upbit shines a harsh light on hot-wallet insurance limits, demonstrating how exchange reimbursements can’t fully cushion the immediate blow to liquidity and market stability. Dive into the details below.

The global crypto market cap is $2.89 trillion, with a 24-hour volume of $150.34 billion. The price of Bitcoin is $85,358.46, and BTC market dominance is 58.6%. The price of Ethereum is $2,783.58, and ETH market dominance is 11.6%. The best-performing sector is Prediction, which gained 11%. The Crypto Fear & Greed Index is currently Extreme Fear (24).

📰 Top News

$150B wiped: Bitcoin drops below $87k on Japan yield shock

Thin order books met hard macro triggers and the market snapped as it entered December.

Bitcoin ETFs end brutal November with a late $70M inflow

Spot Bitcoin ETFs start December on a knife edge: flow bands, thin liquidity, and the Fed.

$36 million Upbit hack revives the quiet truth about hot-wallet ‘insurance’

Exchanges can reimburse hacked balances, but they can’t stop the instant shock to liquidity and market depth.

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