On the morning of November 16, the cryptocurrency market continued to fall. The bitcoin rate in the morning lingered at $ 61,000, but the fall continued, and BTC temporarily dropped below $ 59,000.
Over the past day, the rate of the first cryptocurrency has lost more than 10%, and in the next week more than $ 10,000 from the historical maximum set on November 10 at $ 69,500. Following the market leader, all major altcoins also showed a drop.
On the local bottom of the top ten, the worst results were shown by DOT, falling almost 15% to $ 38.2, ether fell 12% to $ 4110, and ADA lost 13.5%. The rest of the coins fell in the range of 10-12%. At the same time, the total capitalization of the cryptocurrency market returned to $ 2.6 trillion.
Against the backdrop of a fall in the cryptocurrency market, traders are suffering losses. Over the last hour, the volume of liquidations on the market amounted to $ 208 million. Of course, traders who opened long positions with leverage suffer losses due to pedaling – from the total volume of liquidations in the last hour, buy deals amounted to $ 201.9 million. Over the past 12 hours, the figure is $ 687 million.
There is no single reason for the massive sell-off, but the general market sentiment is not conducive to growth. Many analysts agree that one of the reasons for the market fall was the signing by US President Joe Biden of an infrastructure bill, which establishes an extended taxation of cryptocurrencies. Another reason for the fall could be negative comments from Twitter CFO Ned Segal. He stated that the company has no plans to invest its spare cash reserves in bitcoin. According to him, “it just doesn’t make sense.” Also recently, there has been a general strengthening of the dollar, associated with the expectation of an increase in the FRS rate due to accelerated inflation in the United States, which set a record since 1990.
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