by Coinstrooper Crypto Articles
Quick Take
  • The cryptocurrency market is trading lower today, with total market capitalization down 3.9% to $3.54 trillion, according to data from CoinMarketCap.
  • However, 24-hour trading volume rose to $223 billion, indicating a slight uptick in activity despite the market-wide decline.
  • The global crypto market cap dropped 3.9% to $3.54T;
  • Fear & Greed Index plunged to 27 (Fear) from 36 yesterday;

What Happened

Strategy announced a Euro-denominated preferred stock offering to fund more Bitcoin buys;

Meanwhile, Michael Saylor’s Bitcoin-focused firm, Strategy, has announced plans to launch a Euro-denominated credit instrument under the ticker STRE, marking its first-ever issuance aimed at European and global institutional investors.

The announcement coincides with Strategy’s latest Bitcoin purchase of 397 BTC worth $45.6 million made between October 27 and November 2.

Market Context

The cryptocurrency market is trading lower today, with total market capitalization down 3.9% to $3.54 trillion, according to data from CoinMarketCap. However, 24-hour trading volume rose to $223 billion, indicating a slight uptick in activity despite the market-wide decline.

The global crypto market cap dropped 3.9% to $3.54T;

Bitcoin (BTC) slid 2.8% to $104,577, holding a market cap of about $2.08 trillion.

Ethereum (ETH) fell 6.4% to $3,493, while BNB (BNB) lost 8.3%, now trading at $946.

Meanwhile, trending tokens included Dash, Decred, and Zcash, reflecting renewed interest in privacy and masternode-based cryptocurrencies amid heightened volatility.

Bitcoin Slips Below $107K as ETF Outflows and Whale Selling Pressure Market

Why It Matters

TLDR:

9 of the top 10 coins fell;

Details

BTC -2.8% to $104,577, ETH -6.4% to $3,493;

Fear & Greed Index plunged to 27 (Fear) from 36 yesterday;

BTC ETFs saw $186.5M outflows;

ETH ETFs recorded $135.76M outflows;

SOL ETFs bucked the trend with $70.05M inflows;

FTX withdrew its plan to restrict repayments in 49 jurisdictions after creditor backlash.

Crypto Winners & Losers

At the time of writing, 9 of the top 10 cryptocurrencies are in the red over the past 24 hours.

XRP (XRP) dropped 6.7% to $2.25, and Solana (SOL) suffered one of the steepest declines among majors, down 11.0% to $157.

Dogecoin (DOGE) slipped 6.6% to $0.1625, while Cardano (ADA) extended losses to $0.5349, down 7.4% in the past 24 hours.

Despite the downturn, a few altcoins stood out with remarkable gains.

Jelly-My-Jelly (JMJ) surged 183.3%, followed by Decred (DCR) with a 150% jump, and Zcash (ZEC) up 19.4%.

The company intends to offer 3.5 million shares of its 10% Series A Perpetual Preferred Stock, with proceeds earmarked for general corporate use and additional Bitcoin acquisitions.