Why Is the Global Crypto Market Down Today?

• The total crypto market cap fell by $82B, nearing $3T support.
• SAND led altcoin losses, plunging 18% in 24 hours.

The cryptocurrency market continues its slide, shedding $82 billion in the past 24 hours. The total crypto market capitalization now stands at $3.19 trillion, nearing critical support at $3 trillion. Bitcoin’s (BTC) price fell by 5.68%, trading at $92,981.58, while Ethereum and Dogecoin also suffered significant liquidations.

Liquidation events spiked, with over $518.3 million wiped out across 159,554 traders. Long positions bore the brunt, accounting for $389.13 million. Bitcoin saw $56 million in liquidations, marking the highest single-day-long liquidations in a week. Ethereum and DOGE followed, losing $32 million and $21 million, respectively.

The market’s bearish momentum aligns with readings from the Moving Average Convergence Divergence (MACD) indicator. The MACD line poised to cross below the signal line confirms increasing selling pressure. If selling persists, TOTAL risks breaching the $3 trillion support level and could slide further to $2.72 trillion.

Weekend trading patterns also contributed to volatility. Low trading volumes amplify price fluctuations, with over 74,000 BTC moved to spot exchanges in three days. Around 19,238 BTC were deposited over the weekend, suggesting profit-taking activity that pressured prices downward.

Crypto Market Struggles

Metaverse token SAND emerged as the biggest loser, plummeting 18% in the past 24 hours. It currently trades at $0.66, down 23% from its recent high of $0.86. Institutional moves have added to market uncertainty. Bitcoin ETFs recorded a daily net outflow of $438 million. While BlackRock’s IBIT saw a $267 million inflow, Bitwise BTC experienced a $280 million outflow. These opposing trends highlight diverging investor sentiments.

Options expiries further drove volatility. Bitcoin and Ethereum options worth $9.4 billion and $1.3 billion, respectively, are set to expire on November 29. Traders adjusted their positions, leading to widespread market impacts.

Despite the downturn, some tokens gained ground. Lido DAO surged 7.67%, followed by Uniswap and Arbitrum, which rose 6.07% and 5.34%, respectively. These gains highlight investor interest in decentralized finance (DeFi) amid broader market turmoil.

While market sentiment remains in “extreme greed,” with a Fear and Greed Index value of 82, traders continue navigating volatility. The cryptocurrency market’s recent fluctuations underscore the challenges of reaching major price milestones like $100K for Bitcoin.

Highlighted Crypto News Today
Can Solana (SOL) Recover and Surpass the $260 Mark?