Bitcoin (BTC) and XRP led a fresh downturn across the crypto market on Veterens Day Nov. 11, as investors reacted to renewed tariff headlines from U.S. President Donald Trump and signs of slowing job creation in the private sector.
BTC fell 2.5% over the past 24 hours to $103,006, while Ethereum (ETH) slid 3.6% to $3,428, according to CoinGecko.
XRP dropped 4.7% to $2.40, extending losses from Monday's session. The total crypto market cap stands near $3.58 trillion, with Bitcoin dominance holding at 57.6%.
Veterans Day, observed on November 11 in the United States, honors military veterans who served in the U.S. Armed Forces. It marks the anniversary of the end of World War I and celebrates the courage and sacrifice of those who defended the nation.
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Markets wobble despite end of shutdown hopes
The pullback followed a shaky session on Wall Street, where the Nasdaq slipped even after the U.S. Senate passed a bill to end the record-long government shutdown.
The deal, which now heads to the House, excludes Democrats' demand for a permanent extension of Affordable Care Act subsidies and instead calls for a separate vote on the issue in December.
Related: U.S. government shutdown reversal could revive crypto liquidity, analyst says
The surprising news on Veterens days is that the fresh labor data from ADP weighed on sentiment. For the four weeks ended Oct. 25, private-sector job creation declined by more than 11,000 positions per week, signaling that hiring momentum may be cooling after a brief rebound in October.
Economists said the combination of slower hiring and political uncertainty could pressure risk assets in the short term, particularly digital assets that have become increasingly tied to macro conditions.
Trump's $2K tariff dividend adds volatility
Trump promised a "$2,000 dividend" for middle- and lower-income Americans funded directly from import duties.
White House economic adviser Kevin Hassett told reporters that stronger-than-expected tax receipts make the plan possible, describing "a big surge in tax revenues."
Related: Crypto markets surge after Trump announces $2k tariff dividends to every American
The announcement followed reports that the U.S. Supreme Court is reviewing Trump's use of emergency powers under the 1977 International Emergency Economic Powers Act to impose sweeping tariffs on nearly every country.
A ruling against the measure could force the government to refund billions of dollars in collected duties — or, according to Trump, even more.
"There would be an economic disaster. It would be a national security disaster if we lost the case in the Supreme Court," he warned, insisting that the total exposure could exceed $2 trillion.
Crypto markets initially rallied over the weekend on optimism that the proposed "tariff dividend" could inject fresh liquidity into the economy. But enthusiasm faded as investors weighed the legal uncertainty and its broader impact on fiscal policy.
At the same time, risk appetite weakened after the latest jobs data hinted at a cooling labor market.
Trade tensions flare again
The tariff debate also reignited global trade concerns.
Trump said the United States was "getting close" to a trade deal with India that would lower tariff rates on Indian goods, while Switzerland is negotiating a 15% rate on exports to the U.S.
Meanwhile, The Wall Street Journal reported that China is preparing to ease restrictions on rare-earth exports to limit supply to companies linked with the U.S. military. The move follows recent efforts to stabilize relations after months of trade tension.
Bitcoin remains tied to macro flows
Bitcoin's decline below $104,000 leaves it roughly 18% below its October all-time high of $126,080, but still up around 25% year-on-year.
Analysts said that even as institutional demand expands through ETFs and derivatives, the asset's price remains closely correlated with liquidity and policy expectations.
"The short-term reaction is purely macro," said one digital-asset trader familiar with institutional flows. "When job data weakens and trade risks rise, leveraged players exit Bitcoin first — it's become the fastest way to express macro sentiment."
At press time, Bitcoin traded at $103,006, Ethereum at $3,428, and XRP at $2.40.
Related: $400B in tariff revenue could help U.S. stack Bitcoin, says Investment Guru
This story was originally reported by TheStreet on Nov 11, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
