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The cryptocurrency market fell by 5.46% within 24 hours, with the total market value dropping to $2.31 trillion; Bitcoin declined by 6.48% to $68,723. CoinPedia states that rising inflation and U.S. Treasury yields have exacerbated market concerns about the Federal Reserve's potential for another interest rate hike in December, prompting investors to withdraw from high-risk assets. Meanwhile, over the five trading days ending November 11, there was a cumulative net outflow of $1.44 billion in U.S. spot Bitcoin ETF, and in the past 24 hours, there were liquidations of $1.62 billion in crypto positions, with nearly 90% of those being long positions.
Today's crypto market plummet: November 13th
The cryptocurrency market fell by 5.46% within 24 hours, with the total market value dropping to 2.31 trillion US dollars; Bitcoin declined by 6.48% to $68,723.
It is said that inflation in the United States and rising yields on U.S. Treasury bonds have exacerbated market concerns about the Federal Reserve possibly raising interest rates again in December, prompting investors to move away from riskier assets.
Selling pressure further intensified. Data shows that over the five trading days ending November 11, there was a cumulative net outflow of $1.44 billion in spot Bitcoin ETF in the United States.
In the meantime, within the past 24 hours, a total of $1.62 billion in positions were liquidated in the crypto market, with long positions accounting for nearly 90% of the total.
The report indicates that whether Bitcoin can hold the range of $68,500 to $69,000 may determine the next move of the market.
Author: Qadir AK; Source: CoinPedia.
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