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Since the panicked sell-off at the beginning of this week, where major cryptocurrencies saw massive declines, including Bitcoin (BTC) that slid from $91,000 to $85,000 in a few hours, today, the broader crypto market has stabilized and bounced back.
During the early trading hours today,
3.31%
hovered near $92,000 from where it has come down and is currently trading at
. It failed to push towards $93,000 overnight, continuing its choppy and directionless movement as it has done in the last several sessions.
Sellers have defended the $93,000 level since mid-November, and the buyers have stepped in at $91,000. Neither side is winning, hence BTC’s continued sideways movement.
Bitcoin has 2 decent liquidity clusters right now.
The upside liquidity is around the $94,500 level, while the downside liquidity is around the $90,000 level.
IMO, a sweep of downside liquidity before reversal makes sense. pic.twitter.com/nFR9Tvvqt4
— Ted (@TedPillows) December 5, 2025
Moreover, BTC’s one-month chart shows that it is still trapped in a descending structure stemming from its earlier November highs. The latest rebound printed another lower high. Its price peaked near $93,500 before rolling over, keeping the broader corrective pattern intact.
(Source: TradingView)
At the same time, momentum is weak and intraday recovery attempts fade quickly, highlighting that liquidity is still thin at the current level. A clean breach of the $91,000 level will lead to more downslides, testing support at $90,000-$90,500.
To reverse the price action, bulls must recover and maintain above the $93,200. This will invalidate the short-term downtrend.
Meanwhile, liquidation data reveals that traders have lost nearly $45 million in longs and $50 million in shorts over the last 24 hours. Plus, macro data is adding more pressure on the broader crypto market.
(Source: CoinGlass)
The US ADP (Automatic Data Processing) Payroll fell by 32000 in November, missing expectations, resulting in a cooling labour market. The futures market has assigned a 90% Fed rate cut probability for December this year.
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Crypto Today: ETH Retests $3,200
Ethereum
3.92%
has had a strong day. It jumped 5% in the last 24 hours to trade around $3,184, from where it has come down slightly to its current position at
.
The rally came right after the Fusaka upgrade went live on 3 December, boosting the block gas limit from 45 million to 150 million. A lot of mumbo jumbo for what essentially translates to a smoother activity for apps and users, and the network gaining the ability to handle more transactions at once.
Meanwhile, on-chain data shows that ETH’s daily transactions have climbed past 1.8 million due to heavy use from DeFi, NFTs, and Layer 2 projects.
(Source: CryptoQuant)
X sleuth, Mags pointed out that ETH’s current price action looks a lot like the setup from the 2021 bull run. Then, BTC/ETH had bottomed out, bounced back, and retested support before ripping higher.
Mags noted that ETH is sitting on the same kind of support zone at the moment, which previously has sparked a 170% rally in just seven weeks. If history repeats itself, ETH could be around 0.092 BTC, or roughly $8,500.
#Ethereum against BTC bottomed exactly at the same level as previous cycle.
Right now, it’s around the exact support from where it pumped 170% in just 7 weeks, printing seven weekly green candles in a row, followed by a slow distribution phase.
You know what’s coming . pic.twitter.com/5oNpRXLJAL
— Mags (@thescalpingpro) December 5, 2025
Right now, ETH is trading at
, which is still under its 50-day moving average at $3,424 and 200-day moving average at $3,534, with the trend remaining slightly bearish.
Source: (TradingView)
Breaching of the key support at $2,740–$2,750 will result in further downslides.
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Turkish Exchange Paribu Snaps Up CoinMENA, Eyes Middle East Expansion
By
Turkey’s biggest crypto exchange, Paribu, is making big boy moves. It is supposedly all set to buy the Banrain-based CoinMENA in a deal that is said to be around $240 million in a bid to expand its footprint in the Middle East.
CoinMENA, launched in 2019, has a solid reputation for being compliant and serving both retail as well as institutional interests across the Gulf.
If this deal goes through, Paribu gets instant access to all those markets along with a stronger footprint outside Turkey. For Dubai and Bahrain, the timing is perfect. Dubai has been positioning itself as a global crypto hub through its VARA regulator, while Bahrain has long been seen as a pioneer in digital asset rules.
Indian DRI: Stablecoins Are The New Tools For Cross-Border Smuggling
By
The Indian Directorate of Revenue Intelligence (DRI) has noticed a pattern emerging of how smugglers transfer finds across the border.
Traditionally, they have relied on hawala networks, but are now increasingly transitioning to stablecoins such as the USDT, since it allows for a faster and more discreet transfer of funds, bypassing the banking system completely.
BREAKING🇮🇳: Crypto, Stablecoins being used to fund drug and gold smuggling racket.
– DRI Report (Directorate of Revenue Intelligence)
Not a good sign pic.twitter.com/FTwSJoKxvJ
— Kashif Raza (@simplykashif) December 5, 2025
According to the DIR’s Smuggling in India Report 2024-25, this trend has increased challenges posed to regulators and law enforcement. Since stablecoins are pegged to fiat currencies, they are less volatile. Also, the liquidity they carry makes them attractive for illegal uses.
With smugglers now adopting stablecoins as their preferred mode of payment, DRI warns that they can move large sums of money fairly quickly and with minimum friction.
The report also highlights how digital assets are reshaping financial crime. While hawala has long been a target of Indian regulators, stablecoins now represent a modern alternative that is harder to monitor.
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Binance Founder CZ Pushes For US Crypto Dominance
By
Binance Co-Founder Changpeng Zhao, or CZ as he is known by crypto heads, is back to making headlines again after his pardon by US President Donald Trump. At the Binance Blockchain Week held in Dubai from 3-4 December, he announced his plan to help the US establish itself as a global cryptocurrency hub.
Appreciative of Trump pardon, Binance’s CZ (Changpeng Zhao) sets sights on making US the crypto capital
By @debanganaghosh4https://t.co/ow0wNUaeFt
— Chandra R. Srikanth (@chandrarsrikant) December 5, 2025
During the press conference, CZ acknowledged past regulatory missteps. However, he emphasized that the US has the manpower, talent, and capital to lead the next wave of blockchain innovations.
“It’s my full intention to help make America the capital of crypto,” Zhao stated, describing the US as “an emerging land for Binance.”
According to Zhao, the biggest hindrance to crypto adoption worldwide is the lack of clear rules, and only a few countries have nailed the framework so far. He said that at the moment the US is in the lead, but it is just the start, and that more needs to be done.
He further pointed to recent progress, like the GENIUS Act and the CLARITY Act, but stressed that the first draft of these bills won’t be perfect and will evolve.
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