A broad sell-off on Wall Street sent shockwaves through the cryptocurrency market this week, triggering sharp declines in bitcoin (BTC), XRP, and Hyperliquid's HYPE token, among others.
Bitcoin's Rollercoaster Week
Bitcoin has experienced a wild week, with its price hovering between $75,000 and $81,000, driven by financial market dynamics and the U.S. midterm elections. At the start of the business week, the primary cryptocurrency traded near $78,000, but the midterm elections on November 4 brought immense turbulence.
As it became clear that the Democrats would likely secure a decisive victory and regain control of the Senate and the House of Representatives, BTC headed south to roughly $76,000. Shortly after their win became clear, reduced uncertainty fueled a substantial resurgence, with the asset rising as high as $81,000.
However, that peak was short-lived as a broad sell-off across global financial markets over the past 24 hours weighed heavily on the cryptocurrency. Buyers stepped in to recover some losses, and as of this writing, BTC is trading around $76,000, according to CoinGecko.
The brief rally fueled growing optimism across the crypto community. Among the bulls was X user Ted, who predicted a potential move toward $87,000 should BTC regain the $82,000 zone. Similarly, Michael van de Poppe maintained that buyers would stay in control as long as the asset remains above the key support level of $79,000.
At the same time, several warning signs had already emerged, potentially foreshadowing the decline that followed. Those included the transfer of thousands of coins from Trump Media Group to Crypto.com and from MARA Holdings to platforms such as Galaxy Digital and Copper. Historically, developments like this precede sell-offs. Meanwhile, The Kobeissi Letter reported that Trump's administration and the U.S. military are finishing preparations for "a possible resumption of major combat operations in Iran."
XRP's Fall
Ripple's native token also experienced enhanced volatility, briefly rising above $1.30 on November 5 when the entire market flashed green. Nonetheless, it followed BTC and many other cryptocurrencies that headed south on November 6 amid Wall Street weakness.
XRP plunged by 9% over the past 24 hours and dipped below $1.20. One potential reason why it performed worse than its rivals is the lack of institutional demand. Spot XRP ETFs have struggled to attract fresh capital, with daily net inflows standing at $0 for two consecutive days. The companies that have launched such investment vehicles include Bitwise, Franklin Templeton, Canary Capital, 21Shares, and Grayscale. Since their debut, the products have accumulated $1.81 billion in net inflows.
HYPE in Danger?
Hyperliquid's native token is among the worst performers on a weekly scale, with its valuation tumbling by 15% to around $78. Earlier this week, several analysts warned that the asset could plunge even more in the near future.
Ali Martinez, for example, pointed to a potential head-and-shoulders top on the 12-hour chart and suggested that a sustained close below the $76-$78 neckline could be followed by a crash toward $59. FOUR | Crypto Spaces shared a similar view, predicting a collapse to $60 if bulls fail to defend the $77 zone.
Perhaps a major factor (besides the broader market decline) for the asset's plunge is recent whale activity. Santiment noted that the token pumped above $95 following Stan Druckenmiller's endorsement, but within a day, four whales closed their HYPE longs entirely, banking around $5 million.
