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📉 Crypto Market Plunges in "Black Friday" Sell-Off: BTC Dips Below $100K, ETH Falls Under $3,200
Today (Nov 14), the cryptocurrency market saw a broad decline, with Bitcoin briefly falling below the key psychological level of $100,000, hitting a low of $98,000 before recovering to $100,294. Ethereum also dropped below $3,200 and is currently trading at $3,252. The total market cap shrank by approximately 2% in the past 24 hours.
👇 Behind the sharp decline, three key factors deserve attention:
🔻 1. Stock Market Slump Weighs on Risk AssetsThe Nasdaq tumbled 2.29%, with a tech stock sell-off directly impacting the crypto market. Bitcoin's high correlation with the Nasdaq was evident as crypto-related stocks suffered heavy losses: $MARA -11%, $RIOT -10%, $MSTR -7%. Market panic sentiment is spreading.
🔻 2. Fed's Hawkish Stance Dims Rate Cut HopesSignals from Powell and other officials suggesting continued tight monetary policy have pushed the probability of a December rate cut below 50%. With U.S. Treasury yields climbing to 4.11%, capital is rapidly exiting interest rate-sensitive assets.
🔻 3. Internal Factors Amplify Losses: Long-Term Holder Selling + Leverage UnwindingData shows HODLers are accelerating sell-offs, while ETF inflows remain weak. Highly leveraged positions were liquidated, with $BANK plunging 29.8% in a single day, exposing structural risks once again.