Bitcoin plunges below $95,000: a wave of sales hits the crypto market
14 November 22:53
Bitcoin has plummeted to a six-month low, falling below the psychological mark of $95,000. In three days, the first cryptocurrency has lost more than $10,000, and over the past day, another 6%. The price of BTC dropped to $94,268. This is evidenced by coinmarketcap data, "Komersant Ukrainian" reports
Since its October high of $126,000, Bitcoin has already fallen by more than 22%, which was the largest decline of the fall.
Crypto market in the red zone
All key coins have been affected by the rapid decline. The total capitalization of the crypto market decreased by 6.1% to $3.29 trillion.
What is happening with other coins:
- Ethereum has dropped by 9%
- Top 10 altcoins show double digits of decline
- Trading volumes are growing amid panic sales
Why Bitcoin is falling: the main reasons
The fall has affected the entire market: the crypto industry’s capitalization has decreased by 6.1% to $3.29 trillion. Ethereum has lost 9%, while the top ten altcoins are showing double-digit declines.
The reasons for the collapse are attributed to massive withdrawals. Investors withdrew almost $870 million from US bitcoin ETFs, while about $260 million from ETH funds. In addition, exchanges forcedly closed positions worth $1.1 billion, mainly on growth bets ($968 million).
Panic is also growing in the crypto industry. The Fear Index is in the “extreme” zone (16/100), which indicates high activity of sellers in the market.
