Bitcoin extended its November slump on Wednesday, briefly dipping below $89,000 as traders braced for Nvidia's closely watched earnings and a broader tech-led sell-off across U.S. equities.
According to CoinGecko data , Bitcoin traded around $89,000–$89,300 intraday, down about 4% over the past 24 hours and nearly 13% on the week, after falling from highs above $103,000 just days ago.
The move pushed BTC to its lowest level since April and erased most of its 2025 gains, with the market cap slipping to roughly $1.77 trillion and 24-hour volumes topping $70 billion as forced liquidations and de-risking rippled through futures markets.
Ethereum mirrored the move, sliding 7% in 24 hours to $2,926, while Solana, XRP, BNB, Dogecoin, Cardano, and other large-cap assets posted losses between 5% and 12%. Nearly the entire top 100 traded lower as traders reduced exposure and liquidity thinned across spot and derivatives markets.
Related: Wealthy trader makes massive leveraged bet on Nvidia ahead of earnings
The weakness in crypto is unfolding alongside a fragile mood in traditional markets. The S&P 500 was roughly flat to slightly negative on Wednesday after a four-day slide driven by profit-taking in mega-cap tech. Nvidia — now the largest name in the index — reports earnings after the bell, with Wall Street expecting another blockbuster quarter powered by AI chip demand.
Bitcoin's dip below $90,000 on both Tuesday and Wednesday underscores how tightly it is trading with risk sentiment.
According to CoinGlass , 154,664 traders were liquidated in the past 24 hours, with total liquidations reaching $443.43 million.
The largest single liquidation occurred on Bybit's BTCUSD pair, wiping out $10 million in one order.
Markets react to missing U.S. jobs report
The crypto market deepened its sell-off on Wednesday after the Bureau of Labor Statistics said it will not release a full U.S. jobs report for October — a rare delay that rattled traders already on edge ahead of Nvidia's earnings.
The BLS confirmed the disruption was caused by the historic government shutdown.
"Establishment survey data from the Current Employment Statistics survey for October 2025 will be published with the November 2025 data," the agency said. It also delayed November's jobs release to Dec. 16, six days after the Federal Reserve's final policy meeting of the year.
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The sudden data blackout injected fresh uncertainty into rate-cut expectations. According to CNBC, "Without the full October data — and following recent hawkish commentary from some Fed officials — traders may be pricing in a lower chance of another rate reduction."
The CME FedWatch tool now shows a 63.8% chance the Fed keeps rates unchanged — up sharply from around 50% earlier in the day.
This story was originally reported by TheStreet on Nov 19, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
