The cryptocurrency market has entered December on a bearish note, with significant declines in major coins such as Bitcoin (BTC) and Ethereum (ETH). BTC fell nearly 6% to approximately $85,984, while ETH dropped over 6% to $2,828. The downturn is attributed to low liquidity and heavy leverage, resulting in over $600 million in liquidations. Other cryptocurrencies also experienced sharp declines, with Solana (SOL) falling over 7% and Celestia (TIA) nearly 10%. Meanwhile, South Korean exchange Upbit is set to resume deposits and withdrawals on December 1 following a $37 million hack. Market participants are closely monitoring the Federal Reserve's upcoming policy decisions for indications of potential rate cuts.