After a disappointing October that failed to deliver the anticipated gains for Bitcoin and other prominent cryptocurrencies, November is proving to be challenging from the outset. On Monday, major crypto assets have seen significant declines, with Bitcoin falling 4%, while many altcoins experienced even steeper losses. In just 24 hours, liquidations have surged, amounting to approximately $1.16 billion, as reported by CoinGlass.
The majority of these liquidations—around $1.08 billion—consist of long positions, indicating bets that the prices of these assets would rise. Bitcoin and Ethereum are at the forefront of this turmoil, with liquidations hitting about $298 million for Bitcoin and $273 million for Ethereum.
As of the latest data from CoinGecko, Bitcoin has dropped to $105,699, marking its lowest point since October 17. Ethereum has followed suit, plunging around 7% to $3,583, which is a near three-month low. Other cryptocurrencies have not fared much better; XRP has fallen approximately 7% to $2.33, while major assets like BNB, Solana, and Dogecoin are all seeing declines of around 9% as of the latest updates.
Interestingly, this sharp downturn in the crypto market coincides with the stock market, where indices like the Nasdaq and S&P 500 remain relatively stable, showing no immediate factors that would justify such drastic losses in cryptocurrencies.
Analysts have begun to speculate about potential influences behind the market’s downturn. A pseudonymous analyst known as Maartunn from CryptoQuant pointed to various elements contributing to Monday’s decline. Among these are selling pressures emerging from U.S. spot Bitcoin traders and indications of instability within Ethereum’s price charts.
Adding to the apprehension, comments from U.S. Treasury Secretary Scott Bessent over the weekend regarding the effect of high-interest rates on the economy may have unsettled traders. Bessent suggested that some sectors of the economy could already be facing recessionary pressures, leading many crypto traders to brace for potential volatility as they await a significant jobs report later this week.
As the crypto market continues to grapple with these challenges, traders and investors remain watchful for signs of recovery or further decline in the coming days.
