Why Is Crypto Down Today? – November 28, 2025

What Happened

In the European Union, the regulators have introduced a set of crypto data-sharing rules that establish strict requirements for how crypto firms collect, store, and report user information to tax authorities.

“The shift in narrative was triggered less by fundamentals and more by a sudden re-pricing of risks at a time when investors were already debating whether the Four-Year Cycle had peaked,” he said.

Market Context

The crypto market is down today, breaking a green streak, with the cryptocurrency market capitalisation dropping by 0.4%, now standing at $3.19 trillion. 65 of the top 100 coins have gone down over the past 24 hours. At the same time, the total crypto trading volume is at $113 billion.

At the time of writing, 8 of the top 10 coins per market capitalization have seen their prices fall over the past 24 hours. But the majority of them decreased by less than 0.5%, meaning that they’re largely unchanged.

Bitcoin (BTC) fell by 0.2% since this time yesterday, at the time of writing, currently trading at $91,150.

The highest drop is 1.9% by Solana (SOL), now trading at $139.

It’s followed by Dogecoin (DOGE)’s 1.6% to the price of $0.1509.

At the same time, two coins have appreciated in the same time. Tron (TRX) is up by 1.2%, trading at $0.2799, while XRP rose by 0.8% to $2.21.

Moreover, Zcash (ZEC) fell 5.7% to the price of $480.

It’s followed by Monero (XMR), which increased by 5%, now trading at $417.

Meanwhile, in the US, jobs data and the Federal Reserve signals have strengthened the case for a December rate cut. The crypto market is still cautious, however.

“Although volatility has remained elevated in recent weeks, the market is also showing further signs of maturity,” he said. “Retail traders appear less fazed by market noise, and we continue to see stable, consistent buying patterns on the Mercuryo platform.”

Sean Dawson, head of research at onchain options platform Derive.xyz, wrote in an email that “markets are balancing on a knife’s edge, but sentiment has stabilised meaningfully as expectations of a rate cut continue to recover.”

“This shift in macro expectations has eased some of the intense bearish pressure that dominated the options market through late October and November,” Dawson said. “Traders are still paying a premium for downside protection, but noticeably less than last week, reflecting reduced fear and a partial unwind of defensive hedging as rate-cut odds firm.“

“These signals reflect sentiment capitulation rather than long-term deterioration in fundamentals. From a cycle perspective, we see a maturing phase rather than an ending one,” Dori concluded.

Why It Matters

Greg Waisman, Chief Operating Officer at payment infrastructure platform Mercuryo, commented that BTC managed to rebounded above the $90,000 mark amid rising expectations of a December Federal Reserve rate cut.

Details

Crypto Winners & Losers

Ethereum (ETH) is down by 0.1%, now changing hands at $3,018. This is the lowest change in the category.

When it comes to the top 100 coins, 65 recorded decreases. Among these, Kaspa (KAS) is down the most: 8% to $0.05585.

On the green side, Sky (SKY) appreciated the most: 8% to $0.05015.

Balancing On a Knife’s Edge

While initially collapsing to 39% a week ago, the probability of a 25 basis point cut at the upcoming FOMC meeting surged back to nearly 87%. “In response, BTC has staged a strong rebound.”

Additionally, Fabian Dori, CIO at digital asset bank Sygnum, argued that the cycle isn’t over yet, and that the crash in Q4 is “excessive, not structural.”

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