{"id":597784,"date":"2023-11-15T13:16:17","date_gmt":"2023-11-15T10:16:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-is-the-crypto-market-down-today-2\/"},"modified":"2023-11-15T13:16:17","modified_gmt":"2023-11-15T10:16:17","slug":"why-is-the-crypto-market-down-today-2","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-is-the-crypto-market-down-today-2\/","title":{"rendered":"# Why is the crypto market down today?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23a33b2a102\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23a33b2a102\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/why-is-the-crypto-market-down-today-2\/#Why_is_the_crypto_market_down\" >Why is the crypto market down?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/why-is-the-crypto-market-down-today-2\/#%E2%80%9COverbought%E2%80%9D_correction\" >&#8220;Overbought&#8221; correction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/why-is-the-crypto-market-down-today-2\/#Fake_XRP_ETF_filing\" >Fake XRP ETF filing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/why-is-the-crypto-market-down-today-2\/#Long_liquidations\" >Long liquidations\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/why-is-the-crypto-market-down-today-2\/#Is_the_crypto_bull_run_over\" >Is the crypto bull run over?<\/a><\/li><\/ul><\/nav><\/div>\n<p itemprop=\"description\" class=\"post__lead\" data-v-8081b7b6> The crypto market&#8217;s recent drop is due to a normal bull market correction and potential delays in the Spot Bitcoin ETF <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval. <\/p>\n<p><\/p>\n<div class=\"post-content\" data-v-8081b7b6>Price action across the cryptocurrency market is seeing downside in recent days, led by declines in top-ranking cryptocurrencies, Bitcoin (BTC) and Ether (ETH).<\/p>\n<p>As of Nov. 15, the crypto market&#8217;s net capitalization was down over 6% to $1.32 trillion when compared to its local high of $1.41 trillion from two days ago.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/3516ada2-2ba0-4303-af44-3c11ffdb5627.png\"><figcaption style=\"text-align: center;\"><em>Crypto market cap vs. BTC\/USD and ETH\/USD year-to-date returns chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Why_is_the_crypto_market_down\"><\/span>Why is the crypto market down?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The recent decline in the crypto market can be attributed to several factors, as explained below.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%80%9COverbought%E2%80%9D_correction\"><\/span>&#8220;Overbought&#8221; correction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The crypto market&#8217;s recent decline occurred largely due to its excessively overbought conditions.<\/p>\n<p>Notably, all the major cryptocurrencies witnessed their daily relative strength index (RSI) indicator crossing and staying above 70, which is a bearish sign. Simply put, an overbought RSI dampens the buying demand for assets at their local highs, leading to pullbacks.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/0c9bb31f-f994-45e7-b68b-12f6318e376b.png\"><figcaption style=\"text-align: center;\"><em>Crypto market cap daily performance chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The crypto market had ignored its overbought RSI signals for a while, confirmed by its 27.85% rally between Oct. 22 and Nov. 13, shown above. The upside sentiment boomed due to optimism about a potential Bitcoin exchange-traded fund (ETF) approval.<\/p>\n<p>However, this week, the euphoria is easing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fake_XRP_ETF_filing\"><\/span>Fake XRP ETF filing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The decline in the crypto market is happening during a week when the U.S. Securities and Exchange Commission (SEC) will review some pending Spot Bitcoin ETF applications<\/p>\n<p>Notably, the securities regulator must decide on applications from Hashdex and Global X ETFs by Nov. 17. They also need to decide on Franklin Templeton&#8217;s Bitcoin ETF application by Nov. 21. Failing to do so would push the deadline to 2024.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/bfd2a18c-d68e-4924-a2cc-2ffa01f1a1ab.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Spot Bitcoin ETF deadlines. Source: Bloomberg<\/em><\/figcaption><\/figure>\n<p>The market anticipates another delay, according to James Edwards, a crypto analyst at Australian fintech firm Finder.\u00a0<\/p>\n<p>The analyst mentioned a fake BlackRock XRP trust filing that caused extreme price swings in the XRP markets. He believes this event will hurt the chances of launching a Spot Bitcoin ETF in the U.S. because it supports the SEC&#8217;s claims of price manipulation in the crypto industry.<\/p>\n<p>However, Bloomberg&#8217;s James Seyffart <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JSeyff\/status\/1724469793422508533\">sees<\/a>\u00a0the SEC&#8217;s odds of approving a Spot Bitcoin ETF application by Jan. 10, 2024, at 90%. <\/p>\n<p>So for now, traders are likely securing profits at the current, multi-month high prices in the crypto market because of this potentially long wait.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Long_liquidations\"><\/span>Long liquidations\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The decline across major cryptocurrencies has led to a rush of liquidations across the derivative market.\u00a0<\/p>\n<p>For instance, the past 24 hours have witnessed $307.67 million worth of liquidations, out of which around $265 million are long positions.\u00a0Crypto market prices are negatively affected when long derivative positions are liquidated without buying pressure from trading volume.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/b17d597f-e62a-4a9c-bb97-2fb7015220a4.png\"><figcaption style=\"text-align: center;\"><em>Crypto liquidation heatmap. Source: Coinglass<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Is_the_crypto_bull_run_over\"><\/span>Is the crypto bull run over?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The ongoing correction in the crypto market does not put an end to its year-long bull run.<\/p>\n<p>Chart technicals suggest that the market is just moving up and down within an upward trending pattern. The recent drop in prices started after it reached the highest point of this trend, as shown below. Now, the market looks to find support near the 0.236 Fibonacci level of $1.24 trillion.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/eaddc2c3-45c7-4459-b92d-a16a78628228.png\"><figcaption style=\"text-align: center;\"><em>Crypto market&#8217;s weekly performance chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>If the crypto market stabilizes around $1.24 trillion, then its likelihood of retesting the channel&#8217;s upper trendline near $1.5 trillion is high. Conversely, a close below $1.24 trillion, will put the market at risk of falling toward the lower trendline support closer to $1 trillion.\u00a0<\/p>\n<p><strong><em>Related:\u00a0Bitcoin bounces at $36.2K lows as CPI inflation slows beyond forecasts<\/em><\/strong><\/p>\n<p>The downside target coincides with the crypto market&#8217;s 200-week exponential moving average (200-week EMA; the blue wave).<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/cointelegraph.com\/news\/why-is-the-crypto-market-down-today\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto market&#8217;s recent drop is due to a normal bull market correction and potential delays in the Spot Bitcoin ETF approval. Price action across the cryptocurrency market is seeing downside in recent days, led by declines in top-ranking cryptocurrencies, Bitcoin (BTC) and Ether (ETH). As of Nov. 15, the crypto market&#8217;s net capitalization was&#8230;<\/p>\n","protected":false},"author":1,"featured_media":597785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/8032812d-1d50-46ab-b965-a0cb6dd41a63.JPG","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74862,74937,74858,75022,74863,74891,79109,75493,5069,70550,70551,70552,73785,70359],"class_list":["post-597784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-regulation","tag-central-bank","tag-cryptocurrencies","tag-ethereum","tag-interest-rate","tag-stablecoin","tag-economy","tag-federal-reserve","tag-inflation","tag-interest-rates","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/597784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=597784"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/597784\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/597785"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=597784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=597784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=597784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}