Crypto Market Cap Falls Below $2.40 Trillion, Breaks 200-Day Average
Key Facts
The total cryptocurrency market capitalization fell below $2.40 trillion and broke below its 200-day moving average, according to a report published by FXStreet on November 12, citing FxPro analysis. The report said the market hit its lowest levels since mid-August. That puts the market below one of the technical indicators analysts monitor to gauge its direction. The analyst said buyers' attempts to keep Bitcoin above the average had failed over the previous four days. He added that the activation of stop-loss orders could add to selling pressure in the coming hours.
According to FxPro analysis, the cryptocurrency market's decline began about five weeks ago. The report attributed the negative pressure to a stronger dollar and selling in major technology stocks, amid pressure linked to Nvidia. But it cautioned against directly tying Bitcoin's decline to the company's performance, noting that the Nasdaq-100 and S&P 500 indexes were rising. At the same time, the report said Nvidia shares had lost more than 10% in the 24 hours through November 12. The analysis presented the company's share performance as part of the backdrop of pressure on technology stocks, while noting the different direction of the broader indexes.
The backdrop to the decline also extended to stablecoin supply. The Block cited CryptoQuant as saying that the market capitalization of Tether's USDT stablecoin fell by $6.6 billion in the 60 days ended November 7. That decline was more than double the comparable $3.2 billion drop over a similar period in December 2022, after the collapse of the FTX exchange. The Block reported that USDT accounted for about 62.8% of stablecoin supply when it published its report on November 11. USDC ranked next, with a 25.1% share. These figures put the contraction in USDT's market capitalization in the context of its relative size within the stablecoin market.
Against the backdrop of monetary policy, FxPro analysis noted that the possibility had emerged of the Federal Reserve raising interest rates by 50 basis points at its December meeting. The report linked this possibility to a reversal of the monetary-policy trend that had supported Ethereum's rise in August. The U.S. Bureau of Labor Statistics had reported that the Consumer Price Index rose 0.4% in October, following a 0.6% increase in September. The core index, which excludes food and energy, also rose 0.3% in October. Federal Reserve Governor Christopher Waller said he was inclined to support a 25-basis-point increase in December, but said core inflation reaching 0.3% or more could warrant consideration of a 50-basis-point increase.
The U.S. Producer Price Index release for October is scheduled for November 13, 2026, at 08:30 a.m., according to the schedule published by the Bureau of Labor Statistics. The release is set for the day after the report on cryptocurrency market capitalization falling below its 200-day moving average. The bureau's schedule did not link the release time to interest-rate expectations or crypto-asset moves. The next Federal Open Market Committee meeting is scheduled for December 8 and 9, 2026. The press conference is scheduled for December 9, according to the Federal Reserve calendar.