Bitcoin Slides Below $100K as Crypto Markets Bear the Brunt of U.S. Trading Weakness
13/11/2025

Bitcoin and the broader crypto market continued to falter during U.S. trading hours on Wednesday, as hopes for a new 2025 high fade, according to market strategists.

Following an overnight bounce to around $104,000, BTC reversed course in early U.S. hours, slipping below the $100,000 mark and down roughly 1.7% over the past 24 hours. The move highlights a persistent pattern of weakness coinciding with U.S. market sessions. Ether and other major altcoins also posted declines, reflecting broad-based selling pressure.

The retreat came amid a steep decline across global risk assets, as investors adjust to the likelihood that the Federal Reserve may hold rates steady in December. The Nasdaq fell 2%, while the S&P 500 lost 1.3%.

Crypto Equities Hit Hard
Crypto-linked equities were again among the worst performers, particularly miners with exposure to AI infrastructure and data centers. Bitdeer (BTDR) plunged 19%, Bitfarms (BITF) fell 13%, and Cipher Mining (CIFR) and IREN each lost over 10%. The broader crypto equity sector was also down: Galaxy (GLXY), Bullish (BLSH), Gemini (GEMI), and Robinhood (HOOD) posted 7%-8% declines.

BTC’s 2025 Peak Appears Set
The pullback underscores a trend observed in recent weeks: crypto markets underperforming during U.S. hours, as expectations for a December Fed rate cut cool.

“Crypto is closely linked to macroeconomics now more than at any previous point,” said Paul Howard, senior director at trading firm Wincent. With markets now pricing roughly even odds for a 25-basis-point cut next month, Howard expects Bitcoin to remain range-bound near current levels for the remainder of the year.

“My sense is that we’ve likely seen the all-time highs for 2025,” he said. “Going forward, BTC may experience steady gains through the coming year, albeit with continued volatility.”

Government Shutdown and Fiscal Liquidity
The ongoing U.S. government shutdown is also influencing liquidity dynamics in markets. While deficits are often criticized, they provide significant liquidity that supports asset prices.

According to market analyst Mel Mattison, the federal government actually recorded a $198 billion fiscal surplus in September, with October’s figures expected to show an even larger surplus given the extended shutdown.

“We’ve experienced one of the driest periods for fiscal liquidity in months, if not years,” Mattison said. But he added that stimulus measures could soon inject substantial liquidity back into the market.

“The next couple of weeks may remain volatile, but as fiscal liquidity returns, we should see renewed upward pressure on asset prices,” Mattison noted.