Bitcoin Falls to $86K, ETH Below $2800; $823M Liquidated
Bitcoin price drop accelerated to a low of $86,100 early on Nov. 21, marking its weakest level since late April. Ethereum also plunged below $2,800 before rebounding slightly. Coinglass data show $823 million in crypto liquidations over 24 hours, with nearly 227,000 traders wiped out. The swift correction hit leveraged long positions, underscoring ongoing market volatility. Meanwhile, US stocks lost early gains after Nvidia’s strong earnings. The Dow fell 386 points, the S&P 500 declined 1.56%, Nasdaq dropped 2.16%, and the Philly semiconductor index slid 4.77%. A stronger-than-expected 119,000 jobs added in September nonfarm payrolls bolstered bets on sustained Federal Reserve tightening. Traders should brace for heightened risk-off sentiment amid macro uncertainty. The Bitcoin price drop and Ethereum plunge highlight fragile crypto market stability, as broader equity weakness and hawkish monetary signals drive short-term pressure.
Bearish
The sharp sell-off in both Bitcoin and Ethereum, accompanied by over $823 million in liquidations, signals intensified market risk-off sentiment. Historically, similar rapid liquidations in May 2022 led to extended downturns and volatility spikes. The concurrent pullback in US stocks, despite Nvidia’s robust earnings, underscores broader risk appetite erosion amid hawkish Fed expectations. In the short term, traders face increased downward pressure as leveraged positions unwind and macro jitters persist. Over the longer term, the market may consolidate and recover once clearer monetary policy directions emerge, but near-term bearish dynamics are likely to dominate as participants de-risk amid high uncertainty.