Bitcoin Slides to ~$103K as Morgan Stanley Flags ‘Fall Season’; XRP and Crypto Retreat After Veterans Day — What to Watch on Nov. 12, 2025
Bitcoin extended its early‑week slide on Wednesday, briefly touching the ~$103,000 area as risk assets digested soft U.S. labor readings, a still‑unresolved (but improving) government shutdown backdrop, and a fresh caution from Morgan Stanley that crypto has entered the “fall” phase of its four‑year cycle. XRP and other majors also slipped after a choppy Veterans Day session, with market breadth skewing lower across large‑cap tokens. Barron’s+2 Key takeaways Market snapshot (as of publication) What Morgan Stanley just said — and why it matters Morgan Stanley published a fresh episode of its Thoughts on the Market podcast on Nov. 11, where