[LIVE] Crypto News Today, December 1 – Why Is Crypto Crashing Today? Bitcoin Hits $85K Low Amid $600M Liquidations and Yen Carry Trade Unwind: Best Crypto to Buy Now?

BTC-USD +8.21% XRP-USD +8.52% SOL-USD +12.16% DOGE-USD +9.80% ADA-USD +14.19%

The crypto market opened December under heavy selling pressure. slipped below $86,000, touched $85,618 at the intraday low, and is now trading near $86,476, a decline of almost 5% on the day. The drop erased more than $200 billion from the total market valuation, bringing it back toward the $3 trillion level.

Altcoins moved in the same direction: fell 5.6% to $2,839, XRP dropped 6.6% to $2.05, Solana slid 6.8% to $127, while Dogecoin and Cardano declined 7.9% and 7.6% respectively. Stablecoins stayed anchored around $1.

Not everything was red, though. continued its erratic price action and climbed more than 20% in the past 24 hours, raising the question of whether it’s becoming one of the best crypto to buy as the broader market pulls back.

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Yen Carry Trade Reduction Pressures Global Liquidity

Compounding the issue was a global liquidity squeeze tied to Japan’s bond market. Yields on 10-year Japanese Government Bonds climbed to 1.84%, the highest since 2008, signaling the potential end of the yen carry trade. For years, investors borrowed cheaply in yen to fund purchases of high-yield assets like Bitcoin. Rising borrowing costs now force rapid unwinding, prompting sales across risk assets. The yen’s surge added to the pressure, as positions in equities and crypto were liquidated to cover exposures.

Markets assigned an 87% probability to a Federal Reserve rate cut by December 10, per CME FedWatch, but delayed U.S. jobs and inflation reports bred doubt. The Nasdaq 100’s correlation with crypto stayed elevated at +0.85, linking digital assets to broader equity swings.

Ahead of the ISM Manufacturing PMI release today and September PCE inflation data on December 5, investors trimmed risk, reducing exposure to volatile holdings.

EXPLORE: Will a Rate Cut From Fed Save Crypto Markets?

Trump, The Peace President, Is Escalating Tension With Venezuela

Geopolitical tensions provided another layer of caution. Reports highlighted escalating U.S. rhetoric toward Venezuela, with President Trump warning of imminent action against drug networks and declaring the country’s airspace off-limits.

An armada led by the USS Gerald R. Ford positioned in the Caribbean, while legal debates over strikes on trafficking vessels intensified congressional scrutiny. Trump’s Thanksgiving pardon offer to a jailed Honduran ex-president further muddied the narrative, raising fears of regional instability that could spill into oil markets and global sentiment.

Despite the red day, not everything is bleeding.

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Best Crypto to Buy Right Now: PIPPIN Defies The Drop

(Source: Coingecko)

While almost every major coin is down 5–8%, the Solana-based AI-meme token PIPPIN is up +20.07% in the last 24 hours and currently trades at $0.1355. Over the past two weeks it has rallied more than 460%, pushing its market cap to around $124 million. Created by AI builder Yohei Nakajima, $PIPPIN combines meme appeal with on-chain AI agents and has seen heavy whale accumulation and $117 million in daily volume.

Fixed 1 billion token supply, strong community, and the broader AI narrative are keeping buyers active even as Bitcoin dumps. High-risk, high-reward play, but it’s one of the few green charts today.

Institutional inflows into Bitcoin ETFs continue, whales are accumulating BTC at lower levels, and many analysts see the current shake-out as a healthy flush of leverage before year-end.

Volatility is likely to stay elevated this week, but dips have historically been buying opportunities in bull cycles.

Read original story [LIVE] Crypto News Today, December 1 – Why Is Crypto Crashing Today? Bitcoin Hits $85K Low Amid $600M Liquidations and Yen Carry Trade Unwind: Best Crypto to Buy Now? by Fatima at 99bitcoins.com