Bitcoin fell from approximately $98,500 to $95,500 in this November 2024 report, a decline of about 3.0% between those prices. The move coincided with broader losses and futures liquidations as traders watched the $100,000 level.
Key developments
Market Impact: Bitcoin’s dip to $95,500 led to losses across major cryptocurrencies. XRP and Dogecoin (DOGE) recorded declines exceeding 5%, while Solana (SOL), Ether (ETH), Cardano (ADA), and Binance Coin (BNB) fell between 2%-5% before recovering. The total crypto market capitalization dropped by 2.4%.
Futures Liquidations: Over $500 million in futures positions were liquidated during the volatility, including $366 million in long positions and $127 million in shorts. Notably, small-cap altcoins and midcap futures saw over $100 million in liquidations, highlighting increased speculative risk-taking among traders.
Recovery in Asian Markets: By Monday’s early Asian trading hours, markets showed resilience, reducing 24-hour losses for major tokens to below 2%.
At the time, US spot Ether ETFs were already trading, while proposed Solana products were awaiting further regulatory steps. Expectations for new funds were scenarios, rather than assured sources of demand.
DISCLAIMER: This is a news article and does not constitute financial advice.
