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Bitcoin and Ethereum slid along with most altcoins.
By: Jona Jaupi •
Markets
Cryptocurrency markets pulled back on Friday, Dec. 5, as investors turned cautious after U.S. core personal consumption expenditures (PCE) data came in below expectations.
Bitcoin (BTC) dropped 3.4% to $89,361, while Ethereum (ETH) decreased 4.2% to $3,029. Meanwhile, XRP fell by 4% to $2.03; BNB dropped by 2.6% to $880; and Solana (SOL) decreased 7% to $132.
BTC Chart
The total crypto market capitalization fell to $3.12 trillion, a 3.5% decrease over the past 24 hours. Trading volumes hit $130 billion, with Bitcoin's dominance standing at 57%, and Ethereum’s at 11.7%.
A few tokens bucked the broader pullback: Provenance Blockchain (HASH) surged 31% to $0.025, and privacy coin Zcash (ZEC) edged up 1.7% to $365.71.
The day’s biggest losers included Canton (CC), down 12.7% to $0.063, Aptos (APT), which fell 11.8% to $1.73, and Ethena (ENA), declining 10.4% to $0.25.
Crypto markets saw over $497 million in liquidations in the past 24 hours, according to Coinglass. Long positions dominated, totaling $430 million, while shorts accounted for nearly $83 million.
Bitcoin led the sell-offs with $192 million liquidated, followed by Ethereum at $117 million, and other altcoins at $41 million.
In the exchange-traded fund (ETF) space, Bitcoin ETFs experienced $194 million in outflows, while Ethereum ETFs saw withdrawals of over $41 million. Solana (SOL) and XRP ETFs bucked the trend, attracting approximately $5 million and $13 million in inflows, respectively.
The pullback comes as today’s U.S. PCE price index, the Federal Reserve’s preferred measure of inflation, came in lower than expected at 2.8%, according to delayed September data.
The report showed a 0.2% monthly rise in core PCE, while personal income rose 0.4% and spending increased 0.3%, slightly below forecasts.
Next week, investors will be watching several key economic events that could set the tone for crypto markets. On Tuesday, Japan’s GDP and the Reserve Bank of Australia’s rate decision are expected to influence sentiment, followed by U.S. JOLTS job openings.
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