Bitcoin, like an over-caffeinated squirrel, plunged below $100,000 not once, but twice this week, losing nearly 8% of its value. This was enough to drag the entire crypto market down by a hefty $260 billion, leaving a trail of disappointed investors in its wake. The total market cap now stands at $3.51 trillion, a far cry from the heady days of over $4 trillion.
BTC Fails to Hold Key Support
It was a week of confusion and disappointment for crypto enthusiasts. Bitcoin (BTC), which had danced around the $100,000 mark like a prizefighter, slipped below that critical threshold twice-no one saw that coming. Having started the week above $110,000, BTC faltered and fell, unable to break through the $105,000 resistance before dropping to a low of $99,607 on November 4th. This wasn’t just a blip on the radar; this marked the first time Bitcoin had dipped below $100,000 in over four months. Turns out, investors weren’t as confident about the digital gold rush as they once were.
Whale Dumping and U.S. Investor Appetite
The fall didn’t happen in isolation. Oh no, folks-there were some heavyweight culprits at play. Experts have pointed fingers at a number of things, including U.S. elections and long-time Bitcoin “OGs” dumping hundreds of millions in coins. But according to a Cryptoquant report, the real kicker was the waning interest from U.S. investors. Outflows from Bitcoin ETFs surged, suggesting that Americans were losing their appetite for the once-unstoppable crypto. Talk about a case of buyer’s remorse!
And it wasn’t just Bitcoin feeling the heat. Ethereum (ETH), once a shining star, slipped below $3,200 on November 4th, closing the week 13% lower. Other altcoins weren’t spared either. Binance Coin (BNB) hit a low of $900, its lowest price since September, before climbing back to $993. Still, that was a 9% drop for the week. XRP, Solana, LINK, and BCH all had their own double-digit losses, proving that the entire market was riding a sinking ship.
Privacy Coins Defy the Trend
But wait-there’s a twist! While the rest of the market was heading for the exits, privacy coins were on a mission to prove everyone wrong. Zcash (ZEC) and Dash (DASH) saw impressive gains, with ZEC rallying to nearly $750 before reversing to close at around $580-a 40% jump in just a week. Dash wasn’t far behind, closing 20% higher at $82. Even Decred (DCR) joined the party, posting a solid 32% gain. Who knew privacy could be so profitable?
FAQ 💡
- Why did Bitcoin drop below $100K this week? BTC took a nosedive due to weak investor sentiment and fading interest from U.S. traders.
- Which altcoins were hit hardest by the downturn? Ethereum, BNB, XRP, Solana, LINK, and BCH all posted significant losses.
- Did any cryptocurrencies gain value during the crash? Yes! Privacy coins like Zcash, Dash, and DCR rallied against the trend.
- What role did U.S. investors play in the decline? They pretty much packed their bags and left, as evidenced by the outflows from Bitcoin ETFs.
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2025-11-09 00:58