Crypto Market Dump Accelerates, Bitcoin Drops 8%

Friday, 26/11/2021 | 11:06 GMT by Bilal Jafar
  • The overall market cap of digital currencies dipped by more than $200 billion in the last 24 hours.
Bitcoin

The crypto market correction deepened on Friday after Bitcoin lost nearly 8% of its value within a single day. Bulls are fighting with bears to keep the market cap of BTC above the important level of $1 trillion. Currently, it stands at around $1.03 trillion.

Bitcoin is not the only digital asset that saw selling pressure on Friday. Ethereum crashed by more than 10% during the last 24 hours. With that, ETH dipped below $4,000 for the first time since 19 November 2021.

“The Thanksgiving dump caught many off-guard this year, as Bitcoin dropped below $54k for the first time since October 6th. Interest in buying the dip has subsequently spiked, indicating the crowd isn't too phased by this recent volatility,” the crypto analytics platform, Santiment mentioned.

With the dipping crypto market, liquidations are also on the rise. According to Coinglass, almost $330 million worth of long crypto positions got liquidated in the last 4 hours including nearly $130 million of long Bitcoin positions.

Apart from Bitcoin, Ethereum, Solana, Litecoin, Polkadot and Mana were among the hardest hit digital currencies during the latest correction. Coinglass highlighted that more than 187,000 crypto trading positions were liquidated within the last 24 hours.

“The number of liquidations, in the past 24 hours by exchanges in total, was $660M. In the past 24 hours, 180k traders were liquidated. The largest single liquidation order happened on ByBit with ETHUSD value of $12M,” CryptoDiffer tweeted.

Bitcoin Whales

The most surprising part during the latest crypto market dip was the accumulation by large BTC holders. Long-term Bitcoin holders defied the negative market trend and added BTC in large amounts to expand their portfolios.

“If you've been waiting for Bitcoin whales to show signs of accumulation, our data indicates it's happening once again. In the past week, a total of 59k BTC has been added to addresses that hold between 100 to 10k BTC. This is 0.29% of the total supply,” Santiment added.

The crypto market correction deepened on Friday after Bitcoin lost nearly 8% of its value within a single day. Bulls are fighting with bears to keep the market cap of BTC above the important level of $1 trillion. Currently, it stands at around $1.03 trillion.

Bitcoin is not the only digital asset that saw selling pressure on Friday. Ethereum crashed by more than 10% during the last 24 hours. With that, ETH dipped below $4,000 for the first time since 19 November 2021.

“The Thanksgiving dump caught many off-guard this year, as Bitcoin dropped below $54k for the first time since October 6th. Interest in buying the dip has subsequently spiked, indicating the crowd isn't too phased by this recent volatility,” the crypto analytics platform, Santiment mentioned.

With the dipping crypto market, liquidations are also on the rise. According to Coinglass, almost $330 million worth of long crypto positions got liquidated in the last 4 hours including nearly $130 million of long Bitcoin positions.

Apart from Bitcoin, Ethereum, Solana, Litecoin, Polkadot and Mana were among the hardest hit digital currencies during the latest correction. Coinglass highlighted that more than 187,000 crypto trading positions were liquidated within the last 24 hours.

“The number of liquidations, in the past 24 hours by exchanges in total, was $660M. In the past 24 hours, 180k traders were liquidated. The largest single liquidation order happened on ByBit with ETHUSD value of $12M,” CryptoDiffer tweeted.

Bitcoin Whales

The most surprising part during the latest crypto market dip was the accumulation by large BTC holders. Long-term Bitcoin holders defied the negative market trend and added BTC in large amounts to expand their portfolios.

“If you've been waiting for Bitcoin whales to show signs of accumulation, our data indicates it's happening once again. In the past week, a total of 59k BTC has been added to addresses that hold between 100 to 10k BTC. This is 0.29% of the total supply,” Santiment added.

About the Author: Bilal Jafar
Bilal Jafar
  • 2440 Articles
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About the Author: Bilal Jafar
Bilal Jafar holds an MBA in Finance. In a professional career of more than 8 years, Jafar covered the evolution of FX, Cryptocurrencies, and Fintech. He started his career as a financial markets analyst and worked in different positions in the global media sector. Jafar writes about diverse topics within FX, Crypto, and the financial technology market.
  • 2440 Articles
  • 71 Followers

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