The liquidations are almost $700 million on a daily scale once again as the market is deep in red.
The cryptocurrency market can’t catch a break these days, with another leg down as the weekend begins, which is typically a calmer period.
BTC leads the pack with a dive to under $67,000 for the first time in almost three months, while ETH dipped below $1,900, and XRP struggles to remain at $1.00.
Bitcoin Tanks Again
We have written a lot about the major price developments over the past ten days or so, which began after the US midterms. At the time, BTC slipped below $76,000 after the Democratic sweep before it exploded to $81,000 within hours on November 5. This rally was as short-lived as it was impressive, and the subsequent rejection pushed it below its starting point by Friday.
The previous weekend was indeed less eventful, with bitcoin trading close to $76,000. The new business week, though, began with another drop to under $74,000. The bulls tried to defend that level and succeeded for a day, but the predominantly bearish sentiment persisted as the week progressed. At first, BTC slipped below $73,000 after the hotter-than-expected CPI reading, before the bears took complete control of the market after Jensen Huang resigned.
Friday the 13th was a particularly painful day as BTC plunged below $68,000 to mark a multi-month low. Although it rebounded to $70,000 later on, it couldn’t keep climbing and fell again on Saturday morning to $66,500. The last time it traded at such low levels was in mid-August, just before its breakout rally began.
Bitcoin’s market capitalization has slumped to $1.35 trillion on CMC, while its dominance over the alts is down to 59.5%.
Alts in Red, Too
XRP also slipped below a psychological level, dipping to $0.984 earlier this morning. Recall that Ripple’s token stood at $1.35 less than ten days ago. Ethereum dropped under $1,900 and now fights to stay above that level. ETH, on the other hand, was close to $2,500 on November 5.
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BNB is down to $620, SOL struggles at $76, and HYPE is beneath $70. There are some exceptions with insignificant gains, such as ZEC, XMR, NEAR, LTC, and PUMP. However, most mid- and lower-cap alts are also in the red, including a massive 6% decline from PEPE.
The total crypto market cap has shed another $110 billion in the past couple of days, and it’s down to $2.330 trillion on CMC. Moreover, these adverse developments have led to a substantial uptick in liquidations again, with nearly $700 million in leveraged positions wrecked in the past day.
