The cryptocurrency market suffered another sharp downturn on Wednesday, November 5, that marked a nearly $1 trillion monthly loss in market capitalization, which has dropped from $4.3 trillion recorded in early October to $3.4 trillion at the time of writing.
Major cryptocurrencies all saw major losses. Bitcoin (BTC), down 8% on the week, tested the critical $100,000 support level, while Ethereum (ETH) dropped to $3,300, plummeting 16% over the same period.
Institutional investors also pulled $1.15 billion from Bitcoin ETFs last week, signaling waning sentiment among traditional institutions, which were the key driver behind Bitcoin’s rally to $126,000 last month.
The downturn has resulted in $2.1 billion in overnight liquidations recorded on Wednesday, as approximately 486,069 traders were liquidated during this period. Ethereum and Bitcoin were once again the biggest casualties, losing $679.9 million and $644 million, respectively. Long positions bore the brunt, making up nearly 79% of total liquidations, or $1.67 billion.
Read more: finbold.com
