In accordance with Odaily, on December 1, 2025, at 8 AM Beijing time, BTC dropped 3.7% within one hour, falling below $87,000 from $90,000. ETH also fell to around $2,800 from $3,000, with altcoins broadly declining. According to Coinglass, the global crypto market saw $434 million in liquidations in the past four hours, with $423 million from long positions. The People's Bank of China held a meeting on November 29, reiterating that virtual currencies are not legal tender and must not be used as currency. The meeting also highlighted the risks of stablecoins being used for money laundering and fraud. Analysts noted that the market is experiencing a 'leverage washout' and a lack of new capital inflows, with Bitcoin's current trend closely resembling the 2022 bear market.
BTC Plummets 3.7% in One Hour Amid Regulatory Concerns and Market Panic
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