{"id":620940,"date":"2025-12-01T09:19:31","date_gmt":"2025-12-01T07:19:31","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=620940"},"modified":"2025-12-01T09:19:35","modified_gmt":"2025-12-01T07:19:35","slug":"bitcoin-slips","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/620940-bitcoin-slips.html","title":{"rendered":"Bitcoin slips"},"content":{"rendered":"\n

Cryptocurrencies fell sharply on Monday, bringing fresh momentum to a wide-ranging selloff that appeared to have settled.<\/p>\n\n\n\n

Bitcoin slid as much as 6% to below $86,000 (R1.48 million) in early Asia trading, while Ether dropped more than 7% to about $2,800 (R48,029), according to data compiled by Bloomberg. <\/p>\n\n\n\n

Most tokens followed a similar pattern, with Solana falling 7.8%.<\/p>\n\n\n\n

The crypto market is on shaky ground after a weeks-long selloff that began when some $19 billion in levered bets were wiped out in early October, just days after Bitcoin set an all-time high of $126,251. <\/p>\n\n\n\n

The original cryptocurrency shed 16.7% of its value in November, but a let-up in the selling pressure saw it regain ground last week, rising to above $90,000.<\/p>\n\n\n\n

After the latest bout of selling on Monday, traders are bracing for bigger moves lower. \u201cIt\u2019s a risk-off start to December,\u201d said Sean McNulty, APAC derivatives trading lead at FalconX. <\/p>\n\n\n\n

\u201cThe biggest concern is the meagre inflows into Bitcoin exchange traded funds and absence of dip buyers.\u201c<\/p>\n\n\n\n

\u201cWe expect the structural headwinds to continue this month. We are watching $80,000 on Bitcoin as the next key support level.\u201d<\/p>\n\n\n\n

Investors were on Monday digesting comments from Strategy Inc. Chief Executive Officer Phong Le, who said on a podcast on Friday that the Bitcoin-buyer could sell the token if its mNAV \u2014 a ratio of enterprise value to Bitcoin holdings \u2014 turned negative. <\/p>\n\n\n\n

\u201cWe can sell Bitcoin, and we would sell Bitcoin if we needed to fund our dividend payments below 1x mNAV,\u201d he said, adding that it would be a last resort. <\/p>\n\n\n\n

Strategy, which has a $56 billion Bitcoin stockpile, has seen its mNAV tumble to 1.19, according to its website.<\/p>\n\n\n\n

Meanwhile, S&P Global Ratings last week downgraded an assessment of the stability of USDT, the world\u2019s largest stablecoin, to its lowest rating, warning that a drop in Bitcoin\u2019s value could leave the token undercollateralized. <\/p>\n\n\n\n

Renewed pressure on crypto prices<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Further uncertainty came from the People\u2019s Bank of China, which on Saturday issued a warning about the risks of virtual currencies, including stablecoins, adding that government agencies should deepen coordination to crack down on illegal activities.<\/p>\n\n\n\n

Jeff Ko, chief analyst at CoinEx, said that \u201ca series of bearish developments over the weekend,\u201d including the USDT downgrade and PBOC warning, had renewed the pressure on cryptocurrencies.<\/p>\n\n\n\n

The week ahead is set to offer a crucial snapshot of US economic momentum as policymakers weigh the trajectory of interest rates heading into 2026.<\/p>\n\n\n\n

Data is likely to shape expectations for whether the Federal Reserve continues its rate-cutting cycle. <\/p>\n\n\n\n

US President Donald Trump on Sunday said he had decided on his pick for the next Fed chair, after making clear he expects his nominee to deliver interest-rate cuts.<\/p>\n\n\n\n

A gauge of Asian equities fluctuated in early trading after capping its best weekly advance in about two months, while S&P 500 futures edged lower. <\/p>\n\n\n\n

Japanese stocks fell and the yen rose as Bank of Japan Governor Kazuo Ueda sent the clearest hint yet of a rate hike this month.<\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto market is on shaky ground after a weeks-long selloff that began when some $19 billion in levered bets were wiped out in early October, just days after Bitcoin set an all-time high of $126,251. <\/p>\n","protected":false},"author":341034,"featured_media":576553,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[187,43378,43338,102455,72308],"class_list":["post-620940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-cryptocurrencies","tag-ether","tag-peoples-bank-of-china-2","tag-solana"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/620940"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=620940"}],"version-history":[{"count":2,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/620940\/revisions"}],"predecessor-version":[{"id":620958,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/620940\/revisions\/620958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/576553"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=620940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=620940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=620940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}