Crypto Market Crash: Bitcoin, ETH, XRP, BNB, SOL, ZEC, and other altcoins saw over $1 billion in…
* Crypto market crash as the global market cap dropping to a 6-month low of $3.27 trillion.
* Bitcoin has now crashed 23% and Ethereum by 36% from their ATH prices.
* Hopes of Fed rate cut in December fades amid economic worries.
* Trading volumes drops further as $4.7 billion in crypto options to expire today.
* Over $1.1 billion in crypto got liquidated amid spot Bitcoin and Ethereum ETFs outflow.
The crypto market crash continues in November, with the global market cap dropping from $4.28 trillion to a 6-month low of $3.27 trillion in a month. Bitcoin and Ethereum prices have now tumbled 23% and 36% from their ATH. Traders are anticipating a deeper fall in altcoins as JPMorgan sees BTC support at $94,000.
The Crypto Market Fear & Greed Index has further slipped to extreme fear at 15 today. This indicates bearish sentiment among investors and potential for further drop in crypto prices.
Top and trending altcoins XRP, Binance Coin (BNB), Solana (SOL), Cardano (ADA), Zcash (ZEC), and AI coins tumbled 5-12% over the past 24 hours. Meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) further erased their earlier gains, with PEPE now down 80% year-to-date (YTD).
Crypto Market Crash on Macro Jitters
US President Donald Trump signed a bill to end the longest government shutdown after 43 days. However, the White House confirmed no release of CPI and jobs data for October.
Moreover, Fed officials, such as Neel Kashkari, warned of rising inflation amid the government shutdown. This raised economic concerns and markets trimmed bets on a Fed rate cut in December.
CME FedWatch tool now shows odds of another 25 bps Fed rate cut dip from 62.9% to 52.1%. This is in line with Fed Chair Jerome Powell’s hawkish stance that fueled crypto market crash concerns last month.
The US dollar index (DXY) dipped to 99 on Friday, a second consecutive weekly decline. Also, the 10-year Treasury yield stays near 4.1% after a sharp decline in prior sessions.
$4.7 Billion BTC and ETH Options Expiry
The $4.7 billion crypto options expiry today further worsened trading volumes and led to a deeper crypto market crash. More than 41K BTC options worth $4 billion in notional value will expire today on Deribit. The put-call ratio is 0.7 and the max pain price is at $105K.
In the latest 24 hours, put volume has exceeded call volume, with a put/call ratio of 1.10. This signals traders are hedging to offset losses, expecting BTC to fall below $95K.
Also, over 233K ETH options with a notional value of almost $738 million are set to expire today, with a put-call ratio of 0.68. The put volume has doubled in the last 24 hours, but is still low against more than 99K call volume. The put-call ratio is 0.91, confirming options trader sentiment leaning bearish.
