Bitcoin Dips Below $98,000 Amid Global Market Slump

Among major altcoins, XRP is trading at $2.30, down 2% after surging nearly 5% earlier today, following the launch of Canary Capitals XRP spot ETF.

BNB is trading near $917, down 4% on the day, and Solana (SOL) is hovering around $142, down 7%.

The global cryptocurrency market is down 2.8% over the past 24 hours to a total market capitalization of around $3.4 trillion. Bitcoin dominance remains high at 57.7%, while Ethereum accounts for 11.4% of the market.

Biggest Losers and Winners

Among the days top performers, Zcash (ZEC) led the gains, climbing 10% to $521. Quant (QNT) also recorded gains, rising 9.6% to $87.46.

On the downside, Canton (CC) led losses, falling 13.5% to $0.111, while pumpfun (PUMP) dropped 10% to $0.00355. Filecoin (FIL) also slipped by 6.6% to $2.02.

Liquidations and Market Flows

More than $647 million in crypto positions were liquidated over the past 24 hours, according to Coinglass. Long positions made up the bulk, with about $519 million, while shorts accounted for $128 million.

Bitcoin led the liquidations with $234 million, followed by Ethereum with nearly $187 million, and altcoins contributed over $54 million.

Spot Bitcoin ETFs recorded $278 million in outflows on Wednesday, while Ethereum ETFs experienced $184 million in outflows, according to SoSoValue. SOL ETFs bucked the trend, attracting $18 million in inflows.

Government Shutdown Ends

The federal government reopened Wednesday night after President Donald Trump signed a House-approved funding package, ending the longest shutdown in U.S. history at 43 days.

The shutdown disrupted the private sector, reportedly costing 60,000 jobs, and caused delays in air travel and SNAP benefits. It also postponed key economic reports, including the October consumer price index (CPI).

While the official CPI data from the Bureau of Labor Statistics remains unavailable, the Cleveland Fed estimates that overall prices rose 2.96% over the past year, with core prices (excluding food and energy) up 2.99%, FOX Business reported.

This suggests inflation is still above the Feds 2% target. Moreover, without the official data, investors will continue to face uncertainty and market volatility.

“Cryptocurrency is closely linked to macroeconomics now more than anytime in the past,” said Paul Howard from Wincent. “We saw this clearly with the event of October 10.”

Howard added that with a 50-50 chance of a 25 basis point U.S. rate cut in December, Bitcoins price is likely to remain muted around the $100,000–$110,000 range, dampening any hopes of further all-time highs in 2025.