Reports indicate that traders have hit the pause button ahead of an upcoming address from U.S. Federal Reserve Chairman Jerome Powell, choosing to stay parked on the sidelines as a new layer of uncertainty rolls in.
The digital currency market is taking a real hit, sitting at $2.83 trillion after sliding 7.97% in just 24 hours. Bitcoin ( BTC) is off 7.5%, and ethereum ( ETH) isn’t faring much better, trimming 9.6% over the same stretch.
Meanwhile, a wide swath of altcoins got absolutely hammered, with BTC’s downswing dragging the entire house down with it. The day’s hardest hit came from the privacy coin decred (DCR), which plunged 20.35%, while the privacy-focused token zcash (ZEC) slid roughly 19.74% against the greenback.
Meme token mog coin (MOG) dropped 18.92%, and brett (BRETT) wasn’t far behind, giving up 18.4% on Monday. Plasma (XPL) slipped 17.89%, spx6900 (SPX) shaved off 17.76%, and pump fun (PUMP) took its own plunge, diving 17.03%. Other Monday casualties included SNEK, ZORA, EIGEN, NPC, IP, ASTER, and FTT, each sliding between 15.36% and 16.33% over the 24-hour stretch.
Among the top ten majors, XRP is down 9.5%, BNB matches that with its own 9.5% slide, SOL dropped more than 11%, TRX dipped a mild 1.27%, and DOGE is off 11.6% on the day. ADA is grappling with a 12.3% drop, BCH absorbed an 8.2% hit, and HYPE is down 11.2% over the past 24 hours.
Read more: Bitcoin Miners Dealt With a Brutal November as Monthly Revenue Taps Fourth-Lowest of 2025
The day’s pullback has triggered heavy liquidations across derivatives markets, and just before 12 p.m. EST, wipeouts were closing in on the $1 billion mark with liquidations totaling $950.16 million. Coinglass.com data shows roughly $866.8 million of that stack came from crypto long positions, including a hefty $358 million in BTC longs.
Monday’s rout left the crypto market rattled, with sharp losses cascading across majors, altcoins, and derivatives positions alike. Nearly $1 billion in liquidations showcased the intensity of the slide, leaving traders cautious and volatility firmly in play. As investors await Powell’s remarks, the market is bracing for whatever comes next in an already turbulent week.
- Why did the crypto market drop today?
The market slid after bitcoin’s downturn sparked widespread sell-offs across major coins and altcoins over macro uncertainty. - How much was liquidated during the crash?
Nearly $1 billion in crypto positions were wiped out, mostly from long holders. - Which altcoins were hit the hardest?
Decred, zcash, MOG, BRETT, and several niche tokens saw the steepest losses. - What are investors watching next?
Traders are waiting for Jerome Powell’s upcoming remarks to gauge the market’s next move.
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