Bitcoin fell from $75,690 to $73,477 in 15 minutes late Sunday, its lowest price since August, as liquidations topped $1 billion. Ether traders took the heavier losses, and prediction markets now price further downside.
Bitcoin slid from $75,690 to $73,477 in 15 minutes late Sunday afternoon U.S. time, its lowest price since August. Coinbase's BTC-USD candles recorded the $73,477 low during the minute beginning at 4:55 p.m. ET on Nov. 8.
The price then traded near $73,900 early Monday, down 12.2% over roughly four weeks.
Ether traders take the bigger hit
Ether traders fared worse than bitcoin traders. ETH saw $448 million in liquidations, nearly double bitcoin's $272 million, and the largest single liquidation order, worth $48 million, was also in ETH.
On Monday morning, ether traded at $2,087.31, down 18.8% over roughly 28 days. Over roughly seven days, ether lost 8.6%, compared with bitcoin's 5.4%, according to The Defiant's calculations.
The selling spread beyond the two largest assets. XRP fell 6.6% and ether 6.5% over 24 hours in CoinGecko's Monday snapshot, while BNB declined 3.2%.
Weekend headlines meet a thin market
Pundits linked the swing to two weekend developments, according to Bitcoin.com News: Nvidia CEO Jensen Huang admitted an affair in a memo to staff, and U.S. Secretary of State Marco Rubio said talks with Iran had failed to make progress. Those headlines hit a market with little cushion, as weekend markets were running thin.
The backdrop was already weak. U.S. spot bitcoin exchange-traded funds (ETFs) lost about $412 million on Friday and roughly $1.28 billion for the week, and the Nasdaq fell nearly 5% last week.
Prediction markets lean lower
Technicians have placed support at the 200-day average near $73,150 and resistance at the 100-day average near $77,430. Meanwhile, Polymarket prices a 67.5% chance that bitcoin dips to $72,500 in November and 46.5% for $70,000.
The Crypto Fear and Greed Index reads 29, in fear territory. U.S. inflation data arrives on Tuesday.
Sources: Bitcoin News, The Defiant
Trading involves risk.
Risk Disclaimer
