The post Crypto market wipes out $150 billion in overnight bloodbath appeared on BitcoinEthereumNews.com. The cryptocurrency market has suffered a sharp and sudden downturn over the past 24 hours, erasing $150 billion in value as total market capitalization fell from $3.10 trillion to $2.95 trillion. The drop marks one of the steepest single-day declines of the year and comes at a time when the market was attempting to mount a recovery following the November downturn that nearly saw Bitcoin (BTC) lose the $80,000 support level. Crypto market 30-day chart. Source: CMC Bitcoin, which often mirrors broader risk sentiment, plunged sharply. The maiden cryptocurrency is down 5.07%, trading around $86,709 and dragging its $1.7 trillion market cap lower. Ethereum (ETH) followed with a 5.67% decline to $2,837, while other major altcoins suffered similar losses. XRP fell 6.67%, and BNB dropped 6.33%, deepening the red across the market. Solana (SOL) suffered one of the steepest declines among top-tier assets, sliding 7.14% to $126.97. Top cryptocurrencies’ performance. Source: Finbold Why crypto market is down  At the center of the sell-off was a historic move in Japan’s bond market, where for the first time since 2008, yields on 2-year Japanese Government Bonds breached the 1% threshold, signaling heightened expectations of a Bank of Japan rate hike. Japanese bonds puking on renewed expectations of rate hike: Sends 2Yr JGB yield above 1% for the first time since 2008, and Nikkei tumbles. And since Bitcoin always correlates with anything that’s down, we have a 4% dump in Bitcoin in Asian trading. pic.twitter.com/dL0Uc4bYD2 — zerohedge (@zerohedge) December 1, 2025 Additionally, the crash was magnified by severe stress in derivatives markets. More than $573 million in positions were liquidated within a day, mostly long positions caught on the wrong side of the sudden reversal. The wave of forced liquidations accelerated the drop, creating a feedback loop of cascading losses. Adding to the… The post Crypto market wipes out $150 billion in overnight bloodbath appeared on BitcoinEthereumNews.com. The cryptocurrency market has suffered a sharp and sudden downturn over the past 24 hours, erasing $150 billion in value as total market capitalization fell from $3.10 trillion to $2.95 trillion. The drop marks one of the steepest single-day declines of the year and comes at a time when the market was attempting to mount a recovery following the November downturn that nearly saw Bitcoin (BTC) lose the $80,000 support level. Crypto market 30-day chart. Source: CMC Bitcoin, which often mirrors broader risk sentiment, plunged sharply. The maiden cryptocurrency is down 5.07%, trading around $86,709 and dragging its $1.7 trillion market cap lower. Ethereum (ETH) followed with a 5.67% decline to $2,837, while other major altcoins suffered similar losses. XRP fell 6.67%, and BNB dropped 6.33%, deepening the red across the market. Solana (SOL) suffered one of the steepest declines among top-tier assets, sliding 7.14% to $126.97. Top cryptocurrencies’ performance. Source: Finbold Why crypto market is down  At the center of the sell-off was a historic move in Japan’s bond market, where for the first time since 2008, yields on 2-year Japanese Government Bonds breached the 1% threshold, signaling heightened expectations of a Bank of Japan rate hike. Japanese bonds puking on renewed expectations of rate hike: Sends 2Yr JGB yield above 1% for the first time since 2008, and Nikkei tumbles. And since Bitcoin always correlates with anything that’s down, we have a 4% dump in Bitcoin in Asian trading. pic.twitter.com/dL0Uc4bYD2 — zerohedge (@zerohedge) December 1, 2025 Additionally, the crash was magnified by severe stress in derivatives markets. More than $573 million in positions were liquidated within a day, mostly long positions caught on the wrong side of the sudden reversal. The wave of forced liquidations accelerated the drop, creating a feedback loop of cascading losses. Adding to the…