Bitcoin Dives Below $100K for Third Time This Month as Crypto Liquidations Top $500 Million
Bitcoin dropped below $100,000 for the third time in November, following a drop of more than 2% as broader economic concerns affected risk assets like cryptocurrencies. After reaching a record price of $126,080 in October, Bitcoin first fell below $100K on November 4, then again on November 7. Analysts express mixed feelings about the cryptocurrency's future, with concerns over reduced institutional interest and ETF outflows contributing to the coin's volatility. Notably, $2.6 billion has been withdrawn from U.S. Bitcoin and Ethereum ETFs recently, leading to downward pressure on prices. Despite these challenges, some analysts remain optimistic about Bitcoin's potential to recover, citing consistent buying activity following price dips. Daily liquidations in the crypto market reached about $501 million, with long positions making up a significant portion of the total. As investors navigate uncertain economic conditions, the outlook for Bitcoin and the broader crypto market remains cautious yet hopeful.
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