🌐 Global market capitalization: $2.9T, significantly corrected, the total market capitalization of cryptocurrencies has shrunk significantly, and the market has experienced violent fluctuations.
📶 Market sentiment: Fear and greed index at 10, extreme fear. Investor confidence is weak, and risk appetite has sharply declined.
💸 Capital and liquidation
In the past 24 hours, the market crash led to large-scale leveraged liquidations.
Total liquidation amount and number of people: The total liquidation amount across the network ranged from $1.813 billion to $2.02 billion, with the number of liquidated individuals reaching between 370,000 and 408,700.
Long and short distribution: Liquidations were highly concentrated in long positions. Long position liquidations ranged from $1.571 billion to $1.87 billion, while short position liquidations ranged from $243 million to $150 million.
Main currencies: Bitcoin long position liquidation of $772 million, short position liquidation of $110 million; Ethereum long position liquidation of $327 million, short position liquidation of $63.82 million. The largest single liquidation occurred in the BTC-USD contract on the Hyperliquid exchange, valued at $36.7828 million.
Capital flow: In the past 24 hours, there has been a net outflow of 1,502.14 BTC from centralized exchanges (CEX). Coinbase Pro had the largest outflow, totaling 6,355.87 BTC; while Binance recorded an inflow of 2,067.70 BTC.
🔥 Today's focus
The cryptocurrency market has experienced a comprehensive crash: Bitcoin once fell below $83,000, with a daily decline exceeding 10%, reaching a low of $80,600 before slightly rebounding. Ethereum also fell over 10% at one point.
Privacy coin sector faced a sharp decline: Zcash (ZEC) led the market down with a 24-hour decline of 18.98%. This is mainly due to market concerns over privacy coin regulations, with the U.S. SEC set to hold a roundtable meeting on December 15 to discuss cryptocurrency privacy issues.
U.S. tech stocks drag down market sentiment: U.S. tech stocks performed poorly, with Nvidia down over 4% and Oracle down over 7%. The wavering optimism about AI and the overall weakness of tech stocks have impacted the preference for risk assets.
Federal Reserve policy expectations fluctuations: Although several Federal Reserve officials maintain a cautious stance on rate cuts, the remarks from New York Fed President Williams have brought some hope to the market. According to the interest rate futures market, the probability of a rate cut by the Federal Reserve in December is 54%.
📊 Performance of mainstream coins and popular sectors
Performance of mainstream coins
₿ BTC: approximately $82,676 (daily decline of 9.9%, once falling below $83,000).
Ξ ETH: approximately $2,701 (daily decline of 10%).
Popular sectors and projects
Top decliners:
ZEC (Zcash): $534.88 (-18.98%), affected by regulatory concerns.
DASH (Dash): $59.70 (-16.90%), profit-taking after previous gains.
OP (Optimism): $0.306 (-15.51%), the Layer 2 sector followed the market decline.
APT (Aptos): $2.38 (-14.12%), lacking positive support.
RENDER (Render): $1.70 (-10.30%), affected by the overall market.
On-chain event: Cardano experienced a chain fork due to a misformatted delegated transaction.
🌍 Macro and regulatory dynamics
Federal Reserve liquidity operations: On Friday (November 21), the scale of the Federal Reserve's overnight reverse repurchase agreement (RRP) usage was $2.503 billion, significantly down from the previous day.
U.S. Treasury yields fell: On Friday, U.S. Treasury yields collectively declined, with the 5-year Treasury yield dropping 2.79 basis points.
Institutional movements:
American real estate investment company CardoneCapital increased its holdings by 185 BTC.
USDC Treasury minted an additional 1.078 billion USDC within 6 hours, potentially providing liquidity for the market.
Financial technology policy: The People's Bank of China and three other departments held a joint meeting, emphasizing strong support for implementing an innovation-driven development strategy and directing more financial resources to promote technological innovation.
🐌 Market insight
On November 22, the cryptocurrency market experienced a deep correction under the combined pressures of macro factors and internal structural concerns.
Technically, Bitcoin broke below the 50-day and 200-day moving averages and once fell below the key level of $83,000. The cautious stance of Federal Reserve officials on rate cuts has been one of the main catalysts for the decline, reducing market expectations for a rate cut in December.
In terms of sectors, privacy coins (such as ZEC, DASH) and Layer 2 projects (such as OP) saw significant declines, indicating that during periods of market panic, investors first sell assets with high regulatory uncertainty and those that have risen significantly in the past.
It is worth noting that despite the spread of market panic, there has been a net outflow of BTC from centralized exchanges, as well as a significant issuance of USDC, which may indicate that some investors are buying at the lows or preparing liquidity for the market. The dovish remarks from Federal Reserve's Williams have raised the probability of a rate cut in December to 54%, which could become a potential catalyst for the market's subsequent rebound.
In the short term, restoring market confidence requires seeing Bitcoin form strong support around $80,000, and a clearer policy path from the Federal Reserve. Investors should closely monitor changes in global market risk sentiment and regulatory dynamics.
