Overview
- Bitcoin briefly dropped to $89,673 on Nov. 18 UTC, its first break below $90,000 in seven months.
- Global crypto market capitalization is down about 25% from early October, erasing roughly $1.2 trillion, according to CoinGecko.
- More than 180,000 accounts were liquidated over the past 24 hours with losses exceeding $1 billion, Coinglass data show.
- Analysts cite profit-taking by long holders, deteriorating liquidity, ETF outflows, plus interest-rate uncertainty driving a risk-off tone.
- Derivatives positioning has turned defensive with demand concentrated in $85,000 and $80,000 puts, while the 30-day correlation with the Nasdaq 100 has climbed near 0.80.