Crypto market loses $560 billion as Bitcoin drops below $72,000 (13 Nov)
- The total crypto market capitalization dropped from $3.04 trillion to $2.48 trillion.
- Bitcoin fell below $72,000, triggering a 6% decline in MicroStrategy shares.
- Crypto liquidations reached $750 million within a 24-hour period.
- Major assets including Ethereum, XRP, and Solana recorded double-digit weekly losses.
- Sixty-seven companies have formally objected to the upcoming OKXICE tokenized stock platform.
The global cryptocurrency market has lost $560 billion in value as the price of Bitcoin fell below $72,000, according to Coinpedia. Total market capitalization dropped from about $3.04 trillion on 22 September to nearly $2.48 trillion by 12 November, marking a loss of roughly 20 percent.
TradingView reported on 12 November that Bitcoin, Ethereum, and Solana are experiencing a deepening market sell-off.
Bitcoin and major altcoins suffer double-digit weekly losses
Ethereum fell 16 percent over the week and slipped below $2,000. XRP dropped 22 percent to around $1.
Solana declined 15 percent over the week. Chainlink, Cardano, and Zcash each posted weekly losses ranging from 15 percent to 26 percent.
Inflation and liquidations trigger $750 million in sell-offs
Inflation and liquidations were cited as the primary factors contributing to the decline in the price of Bitcoin.
Crypto liquidations reached $750 million in a 24-hour period.
Corporate holdings and US stock volatility pressure crypto
MicroStrategy shares declined by 6 percent following the drop in Bitcoin's price below $72,000. The Nasdaq-100 fell 8 percent on 5 November, while major crypto indexes dropped 5.25 percent the same day.
The sell-off spread from United States stocks into crypto after the Nvidia news, amplifying the market decline. Even Strategy, the largest corporate Bitcoin holder, reduced its Bitcoin purchases during the same timeframe.
Negative Coinbase Premium signals weak US buying demand
The Coinbase Premium remained negative, which shows weaker buying demand for the asset in the United States.
Bitcoin lost about 108,700 non-empty wallets after the total number of wallets reached 59.99 million in October.
Sixty-seven companies object to upcoming OKXICE tokenized stock launch
OKX and the Intercontinental Exchange are set to launch a tokenized stock trading venture called OKXICE on November 23 under the SEC's temporary Innovation Exemption. Sixty-seven companies have objected to having their shares listed on the platform.
Nasdaq warned that the service could fragment liquidity across disconnected platforms.
Regulatory and security warnings persist for crypto platforms
Roeland Van der Stappen, head of EU policy at Coinbase, warned that stricter European Union oversight of decentralized finance could push users toward platforms that offer fewer investor protections.
Binance chief security officer Jimmy Su warned in July that attackers could use fake job interviews to compromise internal systems.
Broader economic stress remains, as oil prices climbed above $111 per barrel in October following tanker attacks near the Strait of Hormuz. 10-year Treasury yield hit its highest level since 2007 on September 24, making safer assets more appealing and pressuring crypto assets.
Frequently Asked Questions
- Here’s what happened in crypto today (cointelegraph.com)
- Why Is Crypto Crashing? $560 Billion Wiped Out as Bitcoin Price Falls Below $72K (coinpedia.org)
Add NewsPulse Time as a preferred source on Google