Crypto Market Crash: Once again a selling environment is visible in the cryptocurrency market. The world’s largest digital currency Bitcoin fell below $100,000 on Friday. With this, the recession in the crypto market has increased further.
Since the beginning of October, the value of Bitcoin has fallen by more than $450 billion. It is being told that due to heavy spot selling, weak EMF flow and renewed fear in the global market, the digital asset has slipped to $ 97956. Many investors say that there is an outcry in the crypto market amid diminishing expectations of the US Federal Reserve cutting interest rates.
ETF flows weakened
ETF flow in the crypto market has weakened badly. On November 13, $278 million was sold from spot Bitcoin ETF. This increased the pressure on the already weak market. Its long time holders sold 8,15,000 Bitcoin (BTC) worth approximately $79 billion within 30 days. It was the biggest seller of long time holders since January 2024. Their share in total supply decreased from 76 percent to 70 percent in a month.
Value far below record level
Similarly, on November 14, its value fell to $97067. Bitcoin was at its record high of $126,000 a month ago, which has now fallen by more than 23 percent. However, despite this decline, Bitcoin has managed to maintain a growth of about 5 percent this year.
Fear of further decline
More than $553 million crypto positions were liquidated in the crypto market within a single day on November 14. This included BTC longs worth $273 million. On this day, BTC options worth $4.04 billion also expired in the market.
The support level was at $105,000, which was much higher than the current price, so traders ran for safety on the downside and showed huge interest in put contracts at $90,000 and $95,000. Funding rates remain negative at -0.0038 percent, indicating an increase in short positions. The liquidity pocket remains below $99,000, indicating the possibility of further downside.
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