The crypto market crash intensified on Nov. 14 as Bitcoin fell below $66,000. Ethereum also dropped beneath $1,850, while the Crypto Fear and Greed Index registered 13.
The Kobeissi Letter reported approximately $215 million in cryptocurrency liquidations within one hour. The losses followed a difficult week for digital assets, during which U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $1.07 billion in net withdrawals.
Selling spread across major cryptocurrencies as investors assessed falling prices and weaker market demand. However, no single event fully explained the latest market decline.
Bitcoin and Ethereum Lead Crypto Market Decline
Total crypto market capitalization dropped about 4.25% over 24 hours to $2.22 trillion, wiping out roughly $99 billion. Bitcoin traded near $65,510, extending its weekly decline to approximately 13.6% as sellers pushed the cryptocurrency below $66,000.
The decline followed Bitcoin’s brief recovery above $69,000 on Friday, when buyers attempted to reverse an earlier selloff. However, the rebound failed to hold, and BTC slipped below its previous low near $67,568. The latest move has brought $65,000 into focus, while the $68,000 area now sits above the market.
Ethereum followed Bitcoin lower, falling to approximately $1,837 as its weekly losses approached 18%. Solana also declined toward $74, while XRP traded below $1 following another round of selling.
Both altcoins have lost more than 15% this week, extending a downturn that has affected much of the market.
Crypto Market Liquidations Reach $215M in One Hour
Bitcoin’s drop below $68,000 caught many leveraged traders on the wrong side of the market. Within an hour, roughly $215 million in crypto positions had been liquidated, with long bets accounting for most of the losses. The selloff came after Bitcoin briefly climbed above $69,000 on Friday but failed to maintain those gains.
As BTC crypto moved below $68,000 again, traders holding leveraged long positions suffered further losses. Ethereum’s decline beneath $1,850 added to the pressure, particularly among traders who had entered positions during Friday’s rebound.
The losses also came as Bitcoin price traded near its 200-week simple moving average, which it recently tested around $68,000. Falling below that area left the cryptocurrency trading under a closely watched long-term indicator. With BTC now approaching $65,000, traders are watching whether buyers can defend the lower price range.
Crypto Fear and Greed Index Hits 13 Amid ETF Outflows
The crypto fear and greed index dropped to 13, placing market sentiment firmly within the extreme fear category. The reading followed another difficult week for cryptocurrencies, with Bitcoin falling sharply from levels above $74,000. It also reflected the broader decline in confidence as prices continued to fall across major tokens.
The downturn has coincided with rising US Treasury yields and continued withdrawals from Bitcoin ETFs. US spot Bitcoin funds recorded $185.4 million in net outflows on November 13, according to ETF flow data.
Of Friday’s $185.4 million in Bitcoin ETF withdrawals, BlackRock’s IBIT accounted for $143.5 million, while investors pulled another $41.9 million from Fidelity’s FBTC.
The withdrawals brought Bitcoin ETFs’ weekly net outflows to about $1.07 billion. Ethereum funds, meanwhile, attracted $2.3 million on Friday, ending six consecutive sessions of withdrawals.
Yet the inflows offered little support to Ethereum price, which slipped below $1,850 as Bitcoin approached $65,000. The next test for buyers is whether Bitcoin can hold that level while Ethereum remains above $1,800.
This article provides market information, not investment advice. Cryptocurrency trading and leveraged investments carry substantial financial risks.
Kelvin is an experienced crypto journalist with over 6 years of experience backed by an Actuarial Science and English Degree. He has over 10,000 works published under his profile in several major media sites in the crypto, Web 3, and Finance sectors.
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