The crypto market capitalisation has fallen by more than 6% over the last day to $3.26 trillion, its lowest level since early July. The crypto market has set lower local lows, confirming the downward trend. Since its peak on 7 October, the crypto market capitalisation has fallen by more than $1 trillion, or 24%, which technically means the beginning of a bear market. If the rules of stocks apply here, then we should prepare for a further decline of approximately 20%, or around $1 trillion.
Bitcoin fell below $97K, losing nearly 6% in the last 24 hours. Under continuous pressure since 11 November, it has already lost over 11%, falling back to levels last seen in May. A bearish signal — the death cross — is already looming over the first cryptocurrency. This signal is effective in classic markets, but in recent times, instead of a decline, it has been followed by growth, as the previous strong sell-off has been exhausted. The opposite is also true: the golden cross occurred during a period close to the local peak.
Crypto News
Long-term Bitcoin holders (LTH) have accelerated profit-taking, according to Glassnode. According to CryptoQuant, LTHs have sold about 815,000 BTC over the past 30 days, a record high since January 2024.
Taiwanese authorities are exploring the possibility of establishing a strategic cryptocurrency reserve, similar to those in the US, which could include cryptocurrency confiscated by law enforcement agencies during criminal investigations.
Canary Capital has launched the first XRP-based spot ETF in the US. Trading in the XRP ETF under the ticker XRPC began on Nasdaq on 13 November. XRP is one of the most common and widely used digital assets in the world, according to Canary Capital.
Winklevoss Capital, the fund founded by Tyler and Cameron Winklevoss, has created Cypherpunk, investing over $50 million in it. Cypherpunk will accumulate reserves in the private cryptocurrency Zcash (ZEC).
