Bitcoin and other major cryptocurrencies fell sharply on Friday, as a technology-led selloff on Wall Street, renewed exchange-traded fund (ETF) outflows and uncertainty over U.S. cryptocurrency regulation weighed on investor sentiment.
The world’s largest cryptocurrency, Bitcoin, declined 6.50 percent over the past 24 hours to $75,321.63, extending its seven-day loss to 3.67 percent. Its market capitalization stood at $1.52 trillion, with trading volume reaching $49.90 billion over the previous 24 hours.
Ethereum recorded a steeper decline, plunging 7.95 percent to $2,222.63, while its seven-day performance showed a loss of 1.07 percent. The second-largest cryptocurrency had a market capitalization of $272.03 billion and daily trading volume of $19.29 billion.
The latest downturn reflected broader weakness in risk-sensitive assets as investors reassessed the outlook for technology stocks, U.S. monetary policy and digital asset regulation following the midterm elections.
Bitcoin reversed its post-election recovery as concerns grew over the regulatory outlook under a Democrat-controlled U.S. Congress. The report also cited declining technology shares as a major source of pressure on cryptocurrencies.
Altcoins extend losses
Selling pressure spread across major altcoins, with XRP among the hardest-hit large cryptocurrencies.
XRP plunged 9.65 percent to $1.1865, extending its weekly decline to 5.83 percent. Its market capitalization stood at $75.66 billion, while trading volume reached $3.01 billion.
Solana also suffered substantial losses, falling 6.60 percent to $89.496. The cryptocurrency declined 8.65 percent over the past seven days, with a market capitalization of $52.91 billion and 24-hour trading volume of $4.68 billion.
BNB dropped 3.40 percent to $688, bringing its weekly loss to 3.47 percent. Its market capitalization reached $90.70 billion, with $1.74 billion in daily trading volume.
Meanwhile, Dogecoin declined 6.44 percent to $0.071468, extending its seven-day loss to 6.19 percent. Cardano fell 7.07 percent to $0.1831, while Chainlink lost 7.09 percent to $10.702.
Stellar slipped 7.72 percent to $0.15320, Litecoin dropped 6.59 percent to $52.19, and Avalanche declined 5.61 percent to $8.25.
Bitcoin Cash also weakened, shedding 6.13 percent to $267.05, with a weekly decline of 5.10 percent.
Zcash and Uniswap weaken
Other cryptocurrencies experienced substantial volatility as investors reduced exposure to digital assets.
Zcash declined 4.88 percent to $1,253.04, with a market capitalization of $21.31 billion and daily trading volume of $1.43 billion.
Uniswap fell 8.20 percent to $6.9579, although it remained 2.33 percent higher over the past seven days. Hyperliquid dropped 7.05 percent to $77.4110, extending its weekly losses to 17 percent.
NEAR Protocol declined 8.77 percent to $3.6639, while Sui fell 7.07 percent to $0.8558.
Monero showed relative resilience, declining 2.63 percent to $618.462 while maintaining a weekly gain of 4.92 percent.
TRON edged up 0.05 percent to $0.318818, while Canton gained 1.02 percent to $0.10375, standing out among the few cryptocurrencies recording positive daily performance.
Stablecoins remained comparatively steady. Tether traded at $0.9990, USDC stood at $1.0012 and Dai remained near $1.00002.
ETF withdrawals resume
Institutional fund movements added pressure to Bitcoin after a brief improvement in investor demand earlier in the week.
U.S.-listed spot Bitcoin ETFs recorded $325.2 million in net outflows on November 5, reversing the $74.6 million in inflows registered on November 4.
The November 5 withdrawals included $199.9 million from Fidelity’s FBTC, $49.9 million from Grayscale’s GBTC and $32.9 million from Bitwise’s BITB.
The renewed selling followed three consecutive trading sessions of net withdrawals totaling approximately $1.16 billion between October 30 and November 3.
The figures highlighted uneven institutional appetite for Bitcoin, with sustained fund redemptions presenting an additional challenge to a recovery in digital asset prices.
Fed policy in focus
Investors were also assessing the outlook for U.S. interest rates and economic growth.
The Federal Reserve maintained its benchmark interest rate at 3.75 percent to 4 percent on October 28, citing resilient economic activity alongside persistently elevated inflation.
The central bank said future policy decisions would depend on incoming economic information, leaving financial markets sensitive to developments affecting borrowing costs and liquidity.
Meanwhile, the U.S. Bureau of Labor Statistics was scheduled to release its October employment report at 8:30 a.m. Eastern Time on Friday, providing another important measure of labor-market conditions.
The report could influence expectations for the Federal Reserve’s next policy decisions and, consequently, investor appetite for cryptocurrencies and other risk-sensitive assets.
Attention will also turn to the October U.S. Consumer Price Index report scheduled for November 10, which will offer further evidence on inflation trends as markets assess the prospects for monetary easing.
