The cryptocurrency market has commenced the new business week on a negative note once more, with BTC declining to a new multi-month low of $73,500. This time, the leading altcoin has experienced a significant downturn, coming perilously close to falling below $2,000 for the first time since mid-August. November has proven to be a challenging month for the entire market, which concluded October with significant declines, particularly in the wake of the substantial Binance hack that occurred at the end of the month.
Last week witnessed significant volatility following the US midterms, with BTC initially declining from $78,000 to $75,600, subsequently surging to $81,000, only to face rejection and subsequently fall below $75,000. It rebounded over the weekend and maintained a relatively stable position at $76,000, notwithstanding the recent hostilities between the US and Iran. However, the fluctuations reemerged on Monday morning and, in contrast to most prior instances, the bears regained control. Hours ago, BTC declined to its lowest levels since the breakout rally commenced in mid-August at $73,500.
Despite recovering some ground since then, the cryptocurrency remains below the threshold of $74,500. Most altcoins have experienced even more severe declines, with ETH dropping below $2,100. XRP is currently at $1.09, having experienced a decline to $1.06. PI has reached a new all-time low, while RAY, ASTER, STX, and LIT have experienced declines of 6% or slightly more. As is often the case, these significant market fluctuations have adversely affected traders who are over-leveraged. Data indicates that over 155,000 market participants have been adversely affected in the past 24 hours.
The total value of liquidated positions has surpassed $1 billion, with long positions accounting for more than $930 million. ETH has exhibited significant volatility today, with liquidated longs surpassing those of BTC, totalling $455 million. The single-largest wiped-out position also involved the leading alternative cryptocurrency. It was a substantial transaction valued at nearly $50 million, executed on Binance.
