BIT: Crypto Market Cap Has Shed About $800 Billion Since Early October, Liquidity Under Pressure

November 15 — According to official information, an independent analyst at BIT noted in a post that since early October, total cryptocurrency market capitalization has fallen from $2.9 trillion to $2.1 trillion, evaporating about $800 billion. BTC fell about 9% this morning, briefly touching around $62,000 before rebounding somewhat.

The analysis pointed out that compared with trading volume of only about $29 billion last weekend, volume expanded to about $107 billion during this week's decline, liquidations accelerated, but buying support was limited, and the market is searching for liquidity. Stablecoin net outflows widened to about $14 billion over the past 30 days, reducing the funds available to absorb selling pressure. With banks closed over the weekend, new fiat funds find it difficult to enter quickly; against an already weak macroeconomic backdrop, some investors' concerns about recent cybersecurity risks are also rising.