Cryptocurrencies plunged sharply over the weekend, with Bitcoin dropping to $63,311 and Ether falling to $1,731. The slide gathered pace after Bitcoin broke below its 200-day moving average of around $73,000, triggering more than $3 billion in combined liquidations across Friday and Sunday. The market has also suffered from institutional retreat, as US-listed spot Bitcoin ETFs shed nearly $3 billion between Oct. 30 and Nov. 13.
Key points
The breach of Bitcoin's 200-day moving average triggered massive unwinding of leveraged l…: The breach of Bitcoin's 200-day moving average triggered massive unwinding of leveraged long bets.
Digital assets face compounded pressure from higher interest rate expectations and fallou…: Digital assets face compounded pressure from higher interest rate expectations and fallout from a $6 billion Binance hack.
Analysts indicate that historical support levels and long-term trend channels could estab…: Analysts indicate that historical support levels and long-term trend channels could establish a technical floor.
Sources checked by our analysis pipeline: 1
(Bloomberg) -- Cryptocurrencies tumbled over the weekend, with Bitcoin slumping to a three-month low of just above $63,000 as leveraged long positions were liquidated.
The largest digital asset sank 5.7% in the US on Saturday and continued to drop in Asia on Sunday to as low as $63,311, down a further 1.7% and its weakest since Aug. 17. Second-biggest token Ether, which slumped 8% in the US session, fell to $1,731 on Sunday, its lowest since July 9.
“I think this is a technical move, as Bitcoin broke down through its 200-day moving average of about $73,000, which has caused a slew of liquidations and new shorts to develop,” said Rich Rosenblum, co-founder of crypto market maker GSR.
Crypto has been pummeled in recent weeks by a confluence of factors including the expectation of higher interest rates, large outflows from US spot Bitcoin exchange-traded funds, an AI-fueled risk-off mood and continued fallout from the recent $6 billion Binance hack.
Bitcoin has slumped about 25% since Oct. 21. Its low for the year is $57,742, reached on July 1.
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