Crypto markets remain on edge on Tuesday, Nov. 18, as Bitcoin briefly dropped below the $90,000 mark for the first time since April, while most large-cap altcoins hold steady, and many posting weekly losses in the double digits.<\/p>\n
Earlier today, the price of Bitcoin (BTC<\/a>) shortly dropped to as low as $89,164 on BitMEX, before bouncing back above $90,000. As of press time, BTC is trading down 2% on the day at $92,600.<\/p>\n Ethereum (ETH<\/a>) is also down 1.3% over the past 24 hours, trading at around $3,100. Among the top-10 altcoins by market capitalization, only BNB<\/a> and SOL<\/a> are up on the day, around 1%, while the remaining assets are flat or slightly down. <\/p>\n The Crypto Fear and Greed Index, a market sentiment indicator, is showing extreme fear for the third day in a row.<\/p>\n Analysts at glassnode noted their weekly market overview<\/a> on Monday that Bitcoin is navigating a \u201cperiod of consolidation following a sharp drop, with oversold momentum and moderating outflows hinting at early signs of stabilization.\u201d<\/p>\n They added that \u201cprofitability remains under pressure,\u201d noting that the appearance of exhaustion signals suggests the market \u201cmay be forming a local bottom\u201d around the $94,000-$100,000 range.<\/p>\n Iliya Kalchev, an analyst at crypto platform Nexo, told The Defiant in commentary that crypto\u2019s market cap remains under pressure, with sentiment \u201ccurrently pessimistic but technically oversold.\u201d As Kalchev explained, immediate support for Bitcoin now sits near $91,000-$90,000, with a deeper band around $85,000-$84,000.<\/p>\n Among the top-100 assets<\/a>, perpetual swaps DEX Aster\u2019s ASTER and Internet Computer\u2019s ICP are the best performers, up 12% and 9% on the day, respectively.<\/p>\n On the downside, Zcash (ZEC<\/a>) and Mantle (MNT<\/a>) are the top losers today, down 15.8% and 8.7%, respectively. For ZEC, the decline came even though the Winklevoss-backed Zcash treasury company Cypherpunk announced<\/a> an additional $18 million purchase of ZEC today.<\/p>\n As The Defiant reported earlier<\/a>, the new ZEC DAT aims to hold at least 5% of the total Zcash supply.<\/p>\n Data from Coinglass<\/a> shows that over $806 million in leveraged positions were liquidated in the past 24 hours, with longs accounting for $686 million, and shorts for nearly $120 million. BTC liquidations led with over $429 million liquidated, followed by ETH with $172 million, and SOL with $47 million.<\/p>\n On Monday, spot Ethereum exchange-traded funds saw another $182 million in net outflows, per data from SoSoValue<\/a>. Meanwhile, spot Bitcoin ETFs saw more than $254.5 million in net outflows, bringing total net asset value to $121 billion.<\/p>\n On the macro front, Nexo\u2019s Kalchev pointed out that both the S&P 500 and Nasdaq closed under their 50-day moving averages yesterday for the first time since April. Asian markets followed the U.S. lower, and Japan lagged the most as long-term bond yields climbed and fiscal worries picked up again.<\/p>\n There\u2019s also still no clear view on what the U.S. Federal Reserve will do in December at its next meeting. However, Fed Governor Christopher Waller said on Monday that he supports another rate cut as he\u2019s getting worried about the labor market and the sharp slowdown in hiring, CNBC reported.<\/a><\/p>\n All eyes are now on Thursday\u2019s delayed U.S. jobs report for September, alongside other catch-up releases, which will \u201chelp reset expectations,\u201d Kalchev noted.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Crypto market capitalization continues to decline as sentiment remains at extreme fear levels. Crypto markets remain on edge on Tuesday, Nov. 18, as Bitcoin briefly dropped below the $90,000 mark for the first time since April, while most large-cap altcoins hold steady, and many posting weekly losses in the double digits. Earlier today, the price […]<\/p>\n","protected":false},"author":2,"featured_media":411593,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-411592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/411592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=411592"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/411592\/revisions"}],"predecessor-version":[{"id":411594,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/411592\/revisions\/411594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/411593"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=411592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=411592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=411592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fpasted-1763481305696-png-c6902684-e1b5-4c70-b23f-16f1b5f15df7.png&w=2048&q=100\"\/)
Profitability Under Pressure <\/h2>\n
Big Movers and Liquidations<\/h2>\n
ETFs and Macro Conditions<\/h2>\n