• The crypto market capitalisation fell by more than 1.5% to $2.45T, its lowest level since August, while Bitcoin is testing its 200-day moving average near $74K.
• Drivers: a stronger dollar after strong US jobs data and Waller’s comments (a 50-basis-point Fed hike in December) and, in our view, risk capital rotating into AI ahead of Anthropic’s IPO.
• What to watch: whether the 200-day MA holds; a break below it could significantly extend the sell-off.

Market Overview

The crypto market capitalisation has fallen by more than 1.5% over the past 24 hours to $2.45T, hitting its lowest level since August. Cryptocurrencies, which had lagged significantly behind equities on Monday, failed to catch up on Tuesday and came under pressure….