Asia Market Open: Crypto Markets Tumble, Bitcoin Slides to 5-Month Low as Global Stocks Flash Red

Good morning Asia, markets are painting a deep shade of red ￰0￱ slid to a five-month low on Wednesday, briefly breaking below $100,000 as investors reacted to the prolonged US government shutdown and fresh signs of slowing ￰1￱ led losses, falling more than 12% to $3,179. The drop leaves Bitcoin near its weakest level since May, roughly 20% below its early October peak above $126,000, as enthusiasm fades and liquidity ￰2￱ ￰3￱ $2.09b of crypto positions were wiped out in the past 24 hours, CoinGlass data showed, including $1.68b from ￰4￱ tally remains far below October’s record $19b washout, yet traders have turned more cautious since that ￰5￱ snapshot Bitcoin : $101,464, down 4.8% Ether : $3,310, down 9% XRP : $2.22, down 5.3% Total crypto market cap: $3.45 trillion, down 4.8% Altcoins Under Pressure as Bitcoin Dominance Climbs Above 60% Market structure trends continue to favor Bitcoin over smaller ￰6￱ Benjamin Cowen projected that altcoins could fall another 30% versus Bitcoin in coming weeks as investors crowd into the largest asset near the $100,000 ￰7￱ dominance rose to 60.15% as risk appetite ￰8￱ it relates to altcoins – Once again, there has not been a great reason for holding ￰9￱ only way ALTs rally against BTC is if BTC rallies to new highs *first*.

So rather than hold a basket of alts hoping for alt season, you could hold BTC if you believe the cycle top… — Benjamin Cowen (@intocryptoverse) November 4, 2025 Elsewhere, US stocks finished sharply lower on Tuesday after big banks warned of a possible ￰10￱ S&P 500 and Nasdaq posted their largest one-day declines since Oct. 10, with tech weakness setting the tone as the market reassessed stretched valuations tied to the artificial intelligence ￰11￱ at Morgan Stanley and Goldman Sachs cautioned on bubble risks after a series of all-time highs for the S&P ￰12￱ Chase chief executive Jamie Dimon earlier warned of a significant correction risk over the next six months to two years, citing geopolitical tensions.

Longest-Ever US Shutdown Freezes Data as Markets Search for Direction The government shutdown, driven by a congressional impasse, is nearing a record at 36 ￰13￱ official statistics on hold, investors are leaning on private gauges such as the ADP National Employment Report due Wednesday, while parsing Federal Reserve commentary for policy signals in a data ￰14￱ moves were ￰15￱ shares fell 2.3% to pace declines across the S&P 500’s 11 sectors, while financials led the ￰16￱ later pointed to a softer US open, adding to ￰17￱ followed Wall Street lower. MSCI’s index of Asia-Pacific shares outside Japan fell 0.8%, dragged by a 4.1% slide in South Korea’s ￰18￱ e-mini futures eased another 0.4% after the S&P 500’s 1.2% drop ￰19￱ remained selective, with buyers stepping back on strength and bids thinning on ￰20￱ Cite Trump’s China Rhetoric, Liquidity Strains, and Fed Doubts as Pressure Builds Macro cross-currents kept pressure on ￰21￱ cited President Trump’s ongoing trade fights, including a recent threat against China that preceded October’s record liquidations, along with worries about liquidity and fading confidence in a possible third US rate cut in 2025.

Still, there are potential upside ￰22￱ Lee, chief analyst at Bitget, said Bitcoin could test $115,000 to $120,000 if macro signals improve, while Ether may rebound toward $4,200 on layer-2 scaling gains and a firmer DeFi backdrop. “Key catalysts to monitor include upcoming Fed rate decisions, ongoing ETF inflows, and regulatory clarity from global bodies such as the SEC, all of which could accelerate mainstream integration,” he said. “That said, geopolitical tensions and unexpected inflation prints remain key downside risks that could trigger abrupt pullbacks.”