Slips Below $104K, SOL, XRP, SUI Down 3% on Profit-Taking

On Monday, the crypto markets saw a rebound, but the positive momentum quickly faded on Tuesday as Bitcoin slipped back below $104,000. After briefly reaching over $107,000 overnight, the largest cryptocurrency dropped to $103,200 during U.S. morning hours. This decline erased the gains that were driven by President Donald Trump’s “tariff dividend” plan and the growing optimism surrounding the potential end of the U.S. government shutdown.

Ethereum’s ether also experienced a 1.2% decrease, falling below $3,500. Other large-cap altcoins, such as Solana’s SOL, XRP, and SUI, saw drops ranging from 3% to 4%, indicating a broad retreat across the digital asset space.

The selling pressure extended to crypto-related equities, particularly among bitcoin miners that are positioned as infrastructure plays in the artificial intelligence (AI) sector. Companies like CleanSpark (CLSK), Hut 8 (HUT), Core Scientific (CORZ), TeraWulf (WULF), and Bitdeer (BTDR) all experienced significant declines in the early session.

The negative trend in the sector was fueled by a series of companies reporting weaker-than-expected earnings and growth outlooks. This indicates that the AI infrastructure trade, driven by high expectations of increased computing demand, may be due for a correction. Cloud computing provider CoreWeave, for example, lowered its next quarter outlook due to delays in data center development, leading to a 15% drop in its stock price.

In addition, Japanese investment bank SoftBank made headlines by selling its entire stake in chipmaking giant Nvidia for $5.8 billion. This move caused Nvidia’s stock to fall by 3.5%, contributing to a broader decline in the tech-heavy Nasdaq index and the S&P 500.

The negative sentiment was further compounded by the ADP’s report indicating that U.S. private employers cut an average of 11,250 jobs per week in the four weeks leading up to Oct. 25, suggesting a weakening labor market.

As a result of these developments, the CME FedWatch tool now predicts a 67% chance of an interest-rate cut at the Federal Reserve’s December meeting. Meanwhile, Polymarket sees the likelihood slightly higher at 72%.

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