Crypto Market Plunges, $1B Liquidated

November 14th saw a significant cryptocurrency market downturn, with Bitcoin dropping below $98,000 and other major digital assets like Ether, XRP, Dogecoin, Solanas SOL, and Cardanos ADA also experiencing sharp decreases. This was primarily due to a massive wave of liquidations, with over $1 billion in leveraged crypto positions wiped out in 24 hours. The market was already fragile, with positive funding rates, climbing open interest, and thinning spot trading volumes. Macro-economic headwinds, such as Chinas economic slowdown and fading hopes for a December Federal Reserve rate cut, also contributed to the markets instability. The immediate question is whether these forced liquidations have run their course, with Bitcoins break below $98,000 now putting focus on support levels near $94,000, and altcoins remaining vulnerable if traditional equities continue their pullback.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.