Bitcoin tumbled below $102,000 on November 12, 2025, erasing overnight gains as U.S. trading began. The decline coincided with a negative Coinbase Premium streak indicating weak American investor appetite. Federal Reserve uncertainty over a December rate cut added to market pressures.
On Wednesday, November 12, 2025, bitcoin fell sharply below $102,000 after briefly topping $105,000 earlier in the day. The cryptocurrency dropped 3% to $101,824.91 within hours of U.S. markets opening, according to CoinDesk. Ether declined almost 5% to $3,420.51 below $3,400, while Solana reached $153.77 and XRP $2.4020, both suffering around 5% losses. Overall cryptocurrency market capitalization decreased to approximately $3.5 trillion, down nearly 2.8% in the past 24 hours, with trading volume falling more than 11% to $160 billion.
Weak U.S. demand was evident in the Coinbase Premium, which measures the price difference for bitcoin on Coinbase compared to Binance. This gauge has been negative since late October, marking its longest streak since the March-April correction when bitcoin fell to $75,000 from above $100,000. Crypto-related stocks also slid, with Circle dropping 9.5% after third-quarter earnings and miners like Bitfarms, Bitdeer, Cipher Mining, Hive Digital, Hut 8, and IREN down 5%-10%.
The plunge aligned with growing uncertainty at the Federal Reserve following its October meeting. Policymakers are divided over persistent inflation versus a softening labor market, turning a expected December rate cut into a "tossup," per a Wall Street Journal report. A recent U.S. government shutdown froze key employment and inflation data, forcing reliance on private sources and anecdotes. The CME FedWatch tool showed a 65.4% likelihood of a quarter-point cut in December.
U.S.-listed spot bitcoin exchange-traded funds recorded more than $1.8 billion in net outflows since the Fed's October meeting, though Tuesday saw $524 million in inflows. Broader sentiment was dampened by U.S.-China tensions, including China's accusation of the U.S. stealing 127,000 bitcoins, which the U.S. disputed as a legitimate seizure of criminal proceeds. The Bank of England's draft guidelines for GBP stablecoins, including holding limits of 20,000 pounds per individual and 10 million for businesses, also contributed to unease. The CMC Fear and Greed Index fell to 26, remaining in fear territory.
