Key Highlights
- Bitcoin (BTC) has plunged below $99,000 after 3% drop in the daily chart, after facing massive liquidation
- This comes after BTC ETFs witnessed major outflows in recent weeks, after witnessing turmoil in the cryptocurrency
- Binance founder Changpeng “CZ” Zhao will face off against noted economist Peter Schiff
On November 13, Bitcoin (BTC) plummeted below $99,000, experiencing a 2.65% drop in a single day, sparking panic in the cryptocurrency community. This downward trend has also impacted its market capitalization, slipping below $2 trillion.
(Source: TradingView)
This heartbreaking drop comes after over $215 million worth of crypto investment was wiped out after seeing massive liquidation. At the time of writing this, BTC is trading at around $98,625.76 with a 24-hour trading volume $95.96 billion, according to CoinMarketCap.
Bitcoin ETFs See Major Outflows
Bitcoin’s institutional adoption has witnessed a major outflow in recent days. From October 28 to November 5, Bitcoin ETFs have witnessed major outflows consecutively, one of the longest streaks in the crypto ETFs’ history. On November 12, Bitcoin ETFs suffered a massive outflow, $278 million, according to Farside.
On November 13, a sharp sell-off came after investors confronted the Federal Reserve’s apparent reluctance to cut interest rates in December. The crypto equity sector was hit particularly hard. Mining companies with major exposure to AI infrastructure and data centers led the declines.
With markets now estimating only a 50% chance of a modest rate cut next month, Howard believes Bitcoin will likely remain near its current levels for the rest of the year. He suggests that the 2025 peak for BTC may already be in. It forecasts a more gradual ascent over the coming year instead of new all-time highs in the immediate future.
Adding to the market’s headwinds is a notable drop in fiscal liquidity. The recent government shutdown, which lasted for much of October, forced a major shift in federal spending. Instead of running its typical deficit, the government actually achieved a major surplus.
Binance’s Founder Changpeng Zhao (CZ) Debates with Peter Schiff over Bitcoin vs Gold
Amid the market crash, a high-profile debate on the future of digital value is set for Binance Blockchain Week in Dubai this December. Binance founder Changpeng “CZ” Zhao will face off against noted economist and long-time Bitcoin critic, Peter Schiff.
