The cryptocurrency market fell to a value of under $80,000 in early November 2024 with its lowest point since Donald Trump’s election victory defeat.
Trillion-Dollar Losses
Bitcoin lost more than 8% in a day which brought its price down to $78,790 before recovering back to $79,200 and other major cryptocurrencies like Ethereum, Solana and Dogecoin dropped by 10% leading to $1 trillion of unrealized losses throughout the market.
Massive Liquidations
Leveraged trading positions reached $918 million in liquidations which affected 225,000 traders primarily through $810 million worth of long positions that expected price increases according to CoinGlass data.
Causes of the Crash
The bitcoin market continues to experience decline because of investor concerns about Donald Trump’s tariff plans and decreased confidence as well as a record-breaking Bitcoin spot ETF withdrawal that drained $3 billion from the market and spurred dollar-based market shift.
Sentiment Collapse
The Crypto Fear & Greed Index reached its most minimal value of 21 since the 2022 market crash triggered by FTX and other crypto giants such as Celsius and Voyager dissolving. This decline indicates extreme investor fear.
