Summary
- Bitcoin plunged more than 14% in eight days, slipping below $69,000 and hitting its lowest level since August.
- Ether, Solana and XRP also touched their lowest levels in about 12 weeks, extending the broad selloff.
- The report said buying interest remains weak amid US tightening concerns, uncertainty around Nvidia's management and a decline in stablecoin supply, signaling capital is leaving the market.
Forecast Trend Report by Period
Bitcoin has fallen below $69,000 after losing the $70,000 level. The token has plunged more than 14% in eight days after starting trade in the $80,000 range on Nov. 5. Ether, Solana and XRP also fell to their lowest levels in about 12 weeks.
As of Nov. 12, Bitcoin was trading at $69,399 on Binance's Tether market, down about 6% from a day earlier. It slid as low as $68,943 during the session before paring some of the decline. That was its lowest level since Aug. 20, the weakest point in 85 days. Over the past eight days, it has tumbled more than 14%.
At the same time, Ether was down about 4.5% at $1,960, while Solana fell 4.7% to $79. XRP also dropped about 3.3% to $1.01. All three tokens hit their lowest levels since Aug. 19, or 86 days ago.
Concern over additional US monetary tightening continues to weigh on investor sentiment, while uncertainty surrounding Nvidia's management is adding pressure. The US consumer price index for October rose 0.4% from a month earlier, topping the 0.3% forecast. The yield on the 10-year Treasury rose to 5.12% on Nov. 12, and Nvidia shares closed down 4.34% in the aftermath of Chief Executive Officer Jensen Huang's resignation.
Buying interest also appears too weak to absorb the selloff. CryptoQuant said leverage is declining, but spot demand has not recovered consistently. A sustained rebound will require new buyers rather than simply fewer sellers.
Glassnode said in a Nov. 11 report that stablecoin supply fell by $14.2 billion over the 30 days through Nov. 9. It said that points to capital leaving the market.
Doohyun Hwang
