Good morning, Asia. Here’s what’s moving before the bell. Bitcoin fell to $93,000 on Monday in Asia, its sharpest drop since March, as traders trimmed expectations of a December US rate cut and global stocks opened on the defensive. Liquidations told the story. CoinGlass data showed $617.45m wiped out in 24 hours, with longs at $394.50m and shorts at $222.95m. Bitcoin accounted for $242.19m and Ether for $169.06m. The largest single wipeout was a $30.60m BTC position on Hyperliquid. Wall Street set a weak tone. Futures softened after Friday’s slump left the Dow down 1.65%, the S&P 500 off 1.66% and the Nasdaq lower by 2.29%. Market snapshot Bitcoin: $95,051, down 0.7% Ether: $3,172, down 0.7% XRP: $2.25, up 0.4% Total crypto market cap: $3.31 trillion, down 0.9% Markets Pare Risk As Fed Cut Bets Shrink To 40% Europe added to the caution. Germany’s DAX fell 1.39%, the FTSE 100 slipped 1.05%, France’s CAC 40 eased 0.11%, and the Euro Stoxx 50 lost 0.83%. Asia followed with a mixed open. Japan’s Nikkei 225 dropped 1.77%, Australia’s S&P ASX 200 fell 1.35%, New Zealand’s benchmark declined 1.58% and Shanghai edged down 0.16%. Rate expectations kept risk in check. Market pricing for a December Fed cut slid to around 40% from more than 60% a week ago, pushing investors toward cash and away from high beta trades. Liquidations Pile Up As Crypto Markets Struggle For Support Crypto mirrored that shift. Spot ETF outflows picked up and liquidity thinned, leaving Bitcoin to give back gains built on easier policy hopes. By late morning, it hovered near $95,051 after the early plunge. Japan added a domestic twist. The Asahi reported the Financial Services Agency is weighing rules that would treat crypto as financial products subject to insider trading restrictions, with a tax cut to a flat 20% and new disclosures for 105 listed tokens. Equity traders also eyed a heavy week for earnings and delayed US data that could shape the rate narrative. Tech leaders remained in focus as investors reassessed valuations built on artificial intelligence enthusiasm. In the liquidation tape, pressure was steady through the session. Twelve-hour liquidations totaled $389.39m with $283.40m from longs. Four-hour totals reached $76.11m, led by short losses at $67.04m. Traders said renewed institutional conviction will decide whether the next move is a base or another leg lowerGood morning, Asia. Here’s what’s moving before the bell. Bitcoin fell to $93,000 on Monday in Asia, its sharpest drop since March, as traders trimmed expectations of a December US rate cut and global stocks opened on the defensive. Liquidations told the story. CoinGlass data showed $617.45m wiped out in 24 hours, with longs at $394.50m and shorts at $222.95m. Bitcoin accounted for $242.19m and Ether for $169.06m. The largest single wipeout was a $30.60m BTC position on Hyperliquid. Wall Street set a weak tone. Futures softened after Friday’s slump left the Dow down 1.65%, the S&P 500 off 1.66% and the Nasdaq lower by 2.29%. Market snapshot Bitcoin: $95,051, down 0.7% Ether: $3,172, down 0.7% XRP: $2.25, up 0.4% Total crypto market cap: $3.31 trillion, down 0.9% Markets Pare Risk As Fed Cut Bets Shrink To 40% Europe added to the caution. Germany’s DAX fell 1.39%, the FTSE 100 slipped 1.05%, France’s CAC 40 eased 0.11%, and the Euro Stoxx 50 lost 0.83%. Asia followed with a mixed open. Japan’s Nikkei 225 dropped 1.77%, Australia’s S&P ASX 200 fell 1.35%, New Zealand’s benchmark declined 1.58% and Shanghai edged down 0.16%. Rate expectations kept risk in check. Market pricing for a December Fed cut slid to around 40% from more than 60% a week ago, pushing investors toward cash and away from high beta trades. Liquidations Pile Up As Crypto Markets Struggle For Support Crypto mirrored that shift. Spot ETF outflows picked up and liquidity thinned, leaving Bitcoin to give back gains built on easier policy hopes. By late morning, it hovered near $95,051 after the early plunge. Japan added a domestic twist. The Asahi reported the Financial Services Agency is weighing rules that would treat crypto as financial products subject to insider trading restrictions, with a tax cut to a flat 20% and new disclosures for 105 listed tokens. Equity traders also eyed a heavy week for earnings and delayed US data that could shape the rate narrative. Tech leaders remained in focus as investors reassessed valuations built on artificial intelligence enthusiasm. In the liquidation tape, pressure was steady through the session. Twelve-hour liquidations totaled $389.39m with $283.40m from longs. Four-hour totals reached $76.11m, led by short losses at $67.04m. Traders said renewed institutional conviction will decide whether the next move is a base or another leg lower