Bitcoin started the week on the back foot. In its Monday, November 9 market update, Crypto Insiders reported that bitcoin traded around $74,000, down about 2.2% over 24 hours. It dipped briefly below $74,000 overnight, its lowest level since August, before recovering slightly. That leaves the price nearly 9% below Wednesday’s peak above $81,000.
Altcoins fared worse. Ethereum traded near $2,107, down 5.6%, and XRP near $1.09, down 6.4%. BNB fell 2.5% to $679, Solana 3.3% to about $86, Hyperliquid 4.3% to roughly $74 and Dogecoin 3.5% to $0.068. According to the outlet, no coin in its top-10 table was in the green.
Crypto Insiders listed several pressures: more than $1 billion in liquidations in 24 hours per CoinGlass, with about $448 million in ether and $272 million in bitcoin; the Democrats’ election win, which makes quick passage of a US crypto law less likely; and last week’s record Binance hack. It also pointed to roughly 1.5 billion euros leaving US bitcoin and ether funds last week per SoSoValue, a strong October jobs report with 165,000 jobs added, and Thursday’s tech sell-off.
The next catalyst is US October inflation data on Tuesday at 14:30 Dutch time. The outlet noted that a hotter reading could strengthen expectations of a December Fed rate hike.
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