Bitcoin Slumps to $88k over Persistent Risk-Off Sentiment
Driven by riotous sell-offs, Bitcoin (BTCUSD) has lost about 4.8% of its market value in 24 trading hours in the crypto market as investors’ sentiment remained downbeat.
With zero catalysts to propel a new rally, the world’s largest digital asset has slipped to $88k as total trading volume reached $73.717 billion. The Fed rate cut expectation has become 50/50, fuelling fear.
ETF redemptions and leveraged unwinding drove BTCUSD downward sharply, compounded by macro hesitancy around Fed policy and U.S. fiscal stability.
Federal Reserve Governor Christopher Waller signalled potential support for a 25-basis-point rate cut in December. But diverging views across the Federal Open Market Committee have left traders without clear policy direction.
Major Cryptocurrencies are trading negative, dragging the global market capitalisation of all digital assets down by 5.12% to $3.03 trillion at the press time.
The market saw a broad deleveraging wave, with the total crypto liquidations crossing $1 billion in the last 24 hours, but BTC-specific aggregation has not been posted yet in a reliable summary market update.
Retail, and institutional investors are both facing significant fear index, leaving no appetite for bargain hunting. As BTCUSD hit the bottom, some crypto whales found entry position in hope of recovery.
Over $1.03 billion liquidations in 24h were reported on 18 Nov, with the largest single BTC liquidation at $96.51 million on Hyper liquid
The BTC-only liquidation total for today is not yet confirmed, though the crypto-wide 24h number is already above $1 billion.
The market value of Bitcoin settled at $1.77 trillion while trading volume hovered around $73 billion. The token has lost more than 12% of its market value in seven days, according to data from the crypto exchange.
Ethereum is trading at $2887 at the press time, down by about 9% in 24 hours with total trading volume of $35.681 billion with $347 billion in market value.
U.S. spot Bitcoin ETFs recorded $373 million in outflows, including BlackRock’s iShares Bitcoin Trust logging its largest single-day redemption since launching in January 2024. Ethereum and Solana vehicles saw $74 million in outflows and $30 million in inflows, respectively. GTCO Slides Amidst Multiple Block Transactions
