Coinbase(US:COIN) Benzinga·2025-12-02 02:09Market Overview - Leading cryptocurrencies experienced declines alongside stock markets as investors shifted away from risk-off assets [1] - The global cryptocurrency market capitalization decreased by 2.98% in the last 24 hours, standing at $2.93 trillion [7] Cryptocurrency Performance - Bitcoin fell by 1.11% to $86,738.52, with a significant trading volume increase of 72% over the last 24 hours, indicating high selling pressure [2][3] - Ethereum dropped by 1.92% to $2,802.70, erasing gains from the previous 10 days [2][3] - XRP and Dogecoin also saw notable declines, with XRP down 2.82% to $2.02 and Dogecoin down 2.89% to $0.1361 [2][3] Liquidation and Market Sentiment - Cryptocurrency liquidations reached $587 million in the last 24 hours, with $460 million in bullish longs being wiped out [5] - Bitcoin's open interest increased by 0.12%, suggesting new short positions are being opened as prices fall [6] - The "Extreme Fear" sentiment intensified according to the Crypto Fear & Greed Index [6] Stock Market Reaction - Cryptocurrency-related stocks such as Strategy Inc. and Coinbase Global Inc. fell by 3.25% and 4.76%, respectively, during the trading session [4] Future Projections - Analysts predict that if Bitcoin breaks below $83,000, approximately $500 million in long positions could be liquidated [5] - A significant support level for Bitcoin is identified at $83,400, with potential testing of lower support levels if this fails [11] - CryptoQuant noted a low in Binance's "Bitcoin to Stablecoin Reserve Ratio," which historically precedes powerful Bitcoin rallies [10] Economic Context - Expectations for a Federal Reserve rate cut next week have increased, with an 87.5% chance of a 25-basis-point cut being priced in [9]