Bitcoin Plunges to $80K, XRP ETF Launches Amid Market Turmoil

Bitcoin’s decline began accelerating last Friday, with the cryptocurrency losing its grip on the $100,000 level and falling below $95,000 for the first time since late April. After finding temporary weekend support near $96,000, the selling pressure intensified dramatically starting Sunday afternoon. The situation deteriorated further on Tuesday as BTC slipped below the $90,000 threshold, a level that initially provided some resistance before completely giving way on Wednesday. The cascade continued through Thursday with bitcoin plunging to $86,000, followed by a devastating drop to just over $80,000 earlier today—marking BTC’s lowest trading level since April.

This week’s calamity saw Bitcoin lose $10,000 since last Sunday alone and more than $26,000 since its November 11 highs. The asset posted a brief relief rally to $85,000 after New York Fed President John Williams suggested the central bank might lower interest rates in the near future, contradicting market expectations for no change in December. However, this momentum proved short-lived, with BTC quickly retreating to $83,000 and registering a painful 14% weekly loss. The damage extended across the cryptocurrency spectrum, with Ethereum (ETH) down 15% to $2,715, XRP falling 17% to $1.92, and other major altcoins including DOGE, LINK, and HYPE charting similar declines. The sole exception was ZEC, which managed a 9% weekly gain amid the broader market weakness.

Despite the overwhelming market negativity, Ripple’s XRP token saw the launch of a second exchange-traded fund tracking its performance in the US markets. Bitwise’s XRP ETF debuted on Thursday, though its launch day trading volume paled in comparison to last week’s release of Canary Capital’s XRPC product. The ETF introduction provided a rare positive development during a week dominated by selling pressure and declining valuations across the crypto ecosystem.

The market downturn triggered massive liquidations, with over $1 billion worth of long positions wiped out in the past 24 hours alone. Notable figures including Andrew Tate found themselves caught in the liquidation wave. Meanwhile, reports indicated that an original Bitcoin whale disposed of over $1.3 billion worth of BTC in just over a month, with the latest transfer executed on Thursday. On a more constructive note, on-chain data revealed a resurgence in whale activity during BTC’s initial correction, with over 100,000 bitcoin transactions worth more than $100,000 executed during the downturn.

MicroStrategy’s Saylor made his largest Bitcoin purchase since July, countering earlier sale rumors by accumulating 8,178 BTC last week for over $835 million. The company now holds nearly 650,000 bitcoin units, reaffirming its commitment to Bitcoin despite the market turbulence. Meanwhile, popular US crypto exchange Kraken secured $800 million in funding through two separate tranches and submitted a confidential IPO filing with the US SEC, signaling continued institutional interest in the crypto space despite current market conditions.

The market downturn attracted criticism from longtime Bitcoin skeptic Peter Schiff, who taunted the cryptocurrency over its 40% loss against gold during the recent decline. Schiff noted that Bitcoin’s losses were bad against the dollar but even more pronounced when compared to the precious metal. This commentary emerged as the overall cryptocurrency market capitalization stood at $2.935 trillion with 24-hour trading volume of $307 billion and Bitcoin dominance at 56.6%, reflecting the broad-based nature of the selling pressure affecting digital assets across the spectrum.