by Coinstrooper Crypto Articles
Quick Take
  • The cryptocurrency market is trading lower today, with total market capitalization down 2.6% to $3.46 trillion, according to data from CoinMarketCap.
  • However, 24-hour trading volume rose to $292 billion, signaling steady market participation despite the pullback.
  • BTC -2.5% ($101,674), ETH -6.0% ($3,299), SOL -3.0% ($156);
  • Fear & Greed Index dropped to 20 (Fear) from 27 yesterday;

What Happened

TLDR:

BTC -2.5% ($101,674), ETH -6.0% ($3,299), SOL -3.0% ($156);

Fear & Greed Index dropped to 20 (Fear) from 27 yesterday;

Market Context

The cryptocurrency market is trading lower today, with total market capitalization down 2.6% to $3.46 trillion, according to data from CoinMarketCap. However, 24-hour trading volume rose to $292 billion, signaling steady market participation despite the pullback.

Global crypto market cap fell 2.6% to $3.46T;

Zohran Mamdani elected NYC mayor, with Polymarket traders correctly predicting the outcome.

Bitcoin (BTC) fell 2.5% to $101,674, maintaining a $2.02 trillion market cap.

Despite the market-wide decline, a few tokens stood out.

Trending tokens on CoinMarketCap included Intuition (ITU), Momentum (MOM), and Firo (FIRO), signaling trader interest in AI and privacy-related projects amid volatility.

Meanwhile, Tokyo-listed Metaplanet executed a $100 million Bitcoin-backed borrowing on October 31, drawing from a $500 million credit facility established days earlier to fund additional crypto acquisitions, expand its options trading business, and potentially repurchase shares.

The conservative borrowing represents just 3% of Metaplanet’s $3.5 billion Bitcoin reserve, maintaining substantial collateral buffers even during potential market crashes.

Bitcoin Drops Below $100K as US Shutdown, Fed Uncertainty Weigh on Markets

Why It Matters

BTC ETFs saw $577.7M outflows;

ETH ETFs recorded $219.4M outflows;

Details

SOL ETFs bucked the trend, gaining $14.8M inflows;

Metaplanet drew $100M from its $500M Bitcoin-backed facility to fund BTC buys and share buybacks;

Bitcoin briefly dipped below $100K amid the U.S. government shutdown, Fed uncertainty;

Crypto Winners & Losers

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

Ethereum (ETH) dropped 6.0% to $3,299, while BNB (BNB) slipped 1.3% to $943.

XRP (XRP) tumbled 1.9% to $2.23, and Solana (SOL) declined 3.0% to $156, extending last week’s losses.

Dogecoin (DOGE) edged down 1.6% to $0.163, and Cardano (ADA) shed 2.5%, now at $0.531.

Momentum (MOM) led the gains, surging 242.4%, followed by DeAgentAI (DAI) up 65.5%, and Anvil (ANV) rising 53.1%.

Bitcoin fell to a five-month low below $100,000 on Wednesday as traders reacted to the prolonged U.S. government shutdown and renewed concerns over slowing economic growth.