The cryptocurrency market experienced a “Black Friday” today (21st), with Bitcoin continuing the bloodbath of November and suffering another sharp drop, falling below the $82,000 support level for the first time since April this year. With a series of leveraged liquidations and a collapse in market confidence, this month may see the most severe monthly decline since the “crypto winter” of 2022.
![图片[1]-Black Friday devastates the cryptocurrency market! Bitcoin plunges below $82,000, with over $1.9 billion in liquidations across the network.-OzABC](https://www.ozabc.com/wp-content/uploads/dddddxxxxccc-1140x570-1-800x400.jpg)
The cryptocurrency market witnessed a “Black Friday” today (November 21st), with Bitcoin continuing its November spree and experiencing another sharp decline, falling below the $82,000 mark for the first time since April. With a series of leveraged liquidations and a collapse in market confidence, this month is likely to see its worst monthly drop since the “crypto winter” of 2022.
Bitcoin hit a low of $81,600 today before fluctuating around $82,500. This sell-off not only wiped out all gains this year but also pushed the market back to levels seen before the surge in November last year.
Major cryptocurrencies all collapsed.
This storm quickly spread throughout the entire cryptocurrency market. Ethereum fell below $2,700, a 16.5% drop for the week; Solana (SOL) plummeted over 11% in 24 hours; Ripple (XRP), BNB, and Cardano (ADA) saw declines ranging from 9.8% to 13%.
Overall, major cryptocurrencies have fallen sharply by 20% to 35% from their November highs, while smaller-cap “competitive coins” have experienced even deeper declines.
Over $1.9 Billion in Liquidations Occurred Across the CoinGlass Network
According to CoinGlass data, in the past 24 hours, the total amount of liquidations across the coin network reached $1.95 billion, of which $1.8 billion came from long positions. Bitcoin liquidations amounted to $983 million, Ethereum to $411 million, and other competing cryptocurrencies also experienced widespread forced liquidations.
This sell-off resulted in approximately 396,000 traders losing all their capital. The worst disaster occurred on the decentralized exchange Hyperliquid, where one trader’s Bitcoin position instantly evaporated by $36.7 million, making them the biggest victim.
The overall economic environment outside the cryptocurrency sector also failed to provide support. Global stock markets posted their worst performance in seven months this week, with concerns about overvalued AI stocks, coupled with uncertainty surrounding the Fed’s December rate cut, severely impacting investor confidence.
The MSCI World Index fell more than 3% this week, with US tech stocks continuing to be under pressure. Meanwhile, US Treasuries saw buying interest, a classic sign of safe-haven demand.
Funding momentum within the cryptocurrency market also continued to deteriorate, with the US Bitcoin spot ETF experiencing a net outflow of over $900 million on Thursday, marking the second-largest single-day outflow since its listing in early 2024.
Furthermore, open interest in perpetual contracts has plummeted 35% from its October peak of $94 billion, indicating a complete collapse in market liquidity.
The speed at which retail investor confidence has collapsed is equally alarming. The Crypto Fear & Greed Index fell to 11 yesterday (20th), deeply mired in the “extreme fear” zone, marking its lowest level since the end of 2022.
While historical experience suggests that extreme fear often foreshadows a market bottom, with Bitcoin breaking through key support levels that had held for several months and institutional funds withdrawing significantly, the market has yet to show any clear signs of bottoming out.
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