Bitcoin Crash: The cryptocurrency market is currently experiencing intense pressure. November is proving to be extremely challenging for Bitcoin and other major digital assets. This is the first such significant decline since the collapse of Terra USD and FTX exchanges in 2022. Bitcoin’s price plummeted by more than 7 percent to nearly $80,000, creating panic in the market. Not only Bitcoin, but Ether and several smaller tokens also saw sharp declines. Following the widespread sell-off, the total crypto market cap has fallen below $3 trillion, further fueling investor concern.
How much did the price fall in November?
November has become Bitcoin’s worst month in the past two years. During this period, Bitcoin lost nearly 25 percent of its total value, marking its largest monthly decline since June 2022. A sudden price drop of more than 7 percent on Friday shocked the market. Smaller tokens also saw similar declines, indicating a rapid erosion of market confidence. This situation comes at a time when institutional investor interest in the crypto sector was gradually increasing. Despite this, investor sentiment has shown significant weakness.
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A $1.5 trillion value has fallen in a single month
According to CoinGecko data, the crypto market cap has fallen below $3 trillion for the first time since April. Nearly $1.5 trillion in value has vanished from the market in just one month of intense selling. Even major tokens like Bitcoin and Ether were not spared from this decline. Investors are currently seeking to avoid taking risks, which is why selling pressure is steadily increasing.
What happened in the last 24 hours
The situation has worsened further in the last 24 hours. According to CoinGlass data, nearly $2 billion in leveraged positions were liquidated in just 24 hours. In October, $19 billion in liquidations occurred, and the current figure is proving to be the second-largest liquidation this year. This has exacerbated market panic.
Heavy Withdrawals from Bitcoin ETFs
The US Bitcoin ETF has also increased investor concerns. Withdrawals of $903 million were recorded on Thursday alone, the second-worst performance since January 2024. Additionally, open interest has fallen 35 percent compared to its record high in October. This clearly indicates that large investors are currently avoiding investing in the volatile market.
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Old Wallet Also Causes Market Downturn
According to reports, an old wallet belonging to Owen Gunden, which had stored Bitcoin since 2011, recently sold over $1 billion worth of Bitcoin. This massive selling further exacerbated the market’s weakness. The Crypto Market Sentiment Index has now reached the 2022 crash level, reflecting growing insecurity and uncertainty among investors.