Bitcoin sank 5.7% in the United States on Nov 14 and dropped further in Asia on Nov 15 to hit US$62,112, marking its weakest level since July 14, according to The Straits Times.
Moneycontrol and Livemint reported slightly different figures for the same weekend session, placing the low at US$63,311 on Sunday, which represented its weakest point since Aug 17. The largest digital asset has slumped about 25% since Oct 21.
Ether fell 8% in the US session and dropped another 3.4% on Nov 15 to US$1,711, its lowest price since July 8, The Straits Times reported. Moneycontrol and Livemint tracked Ether slightly higher at US$1,731 on Sunday, marking its lowest level since July 9. The broader cryptocurrency market decline follows a low of US$57,742 reached on July 1.
“I think this is a technical move, as Bitcoin broke down through its 200-day moving average of about US$73,000, which has caused a slew of liquidations and new shorts to develop,” said Rich Rosenblum, co-founder of crypto market maker GSR.
Coinglass figures highlighted by The Straits Times show that roughly US$1.3 billion worth of bullish crypto wagers were wiped out over a 24-hour window on Nov 13 amid Bitcoin’s downward spiral, with Bitcoin holdings making up the vast bulk of that figure.
In the 24 hours through 7 am on Nov 15 in Singapore, tracking exchanges recorded about US$2 billion of crypto liquidations, including US$774 million in Bitcoin and US$488 million in Ether, with long positions accounting for the vast majority. Moneycontrol and Livemint reported a slightly lower total of about US$1.9 billion in liquidations for the same window, including US$684 million in Bitcoin and US$466 million in Ether.
Crypto markets face pressure from higher interest rate expectations, large outflows from US spot Bitcoin exchange-traded funds, an artificial intelligence-fueled risk-off mood, and fallout from a US$6 billion Binance hack. From Oct 30 through Nov 13, US-listed spot Bitcoin ETFs recorded almost US$3 billion in net outflows.
According to Richard Galvin, managing director at digital asset fund manager DACM, funds could be shifting away from the digital asset sector ahead of the artificial intelligence firm Anthropic PBC’s upcoming public share offering.
“Price performance looks very similar to what happened through the SpaceX IPO pricing period earlier this year,” Galvin said. “It appears crypto remains a short-term funding source, particularly for retail investors. This is in addition to all the other macro headwinds.”
Rosenblum said Bitcoin may be nearing a technical floor. “Bitcoin has seen support at levels at or just below here over the last year, and we are approaching the bottom of a long term trend-channel,” he told Moneycontrol and Livemint.
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