Bitcoin and Ethereum start sliding again

Bitcoin and Ethereum fell sharply on Monday as selling pressure across digital assets intensified at the start of December.

Bitcoin slid about 5.3% and was quoted near $86,553 at 8:18 a.m. in London. Ethereum dropped roughly 6.4% in early dealings to trade around $2,836. Both moves extended the declines seen in recent sessions as risk sentiment weakened in broader markets.

Other major tokens also retreated. Solana fell more than 7% and was last seen near $127. Dogecoin slipped around 8%, while several other widely followed cryptocurrencies moved lower during early trading.

The downturn in digital assets followed pressure in Asia after a weekend statement from the People’s Bank of China. The central bank warned against illegal activities linked to digital currencies, prompting declines in Hong Kong-listed stocks tied to the sector. Those shares fell during Monday’s session as investors reacted to the announcement.

The renewed weakness in cryptocurrencies reflected a wider risk-off tone across global markets. Investors began the month cautious as concerns persisted over the macroeconomic backdrop. Market participants continued to weigh uncertainty surrounding a possible U.S. interest-rate cut, which remained a central focus for traders assessing financial conditions.

November’s unsettled performance across asset classes also lingered. Questions about stretched valuations in companies connected to artificial intelligence contributed to volatility late in the month. That backdrop added to the caution now shaping early December trading, with digital assets experiencing pronounced swings as sentiment softened.

The latest moves underscored the sensitivity of the crypto sector to shifts in global risk appetite. With macroeconomic signals still mixed and regulatory attention elevated in parts of Asia, traders monitored conditions closely for indications of further pressure or potential stabilization in digital asset markets.