The cryptocurrency market, led by Bitcoin (BTC), has seen a dip in bullish momentum over the past five days. The total crypto market cap fell 4% in the last 24 hours, reaching around $3.03 trillion as of Friday, November 15, in early Asian trading. Bitcoin’s price also dropped more than 2% in the past day, trading near $87,786 at the time of writing.
Surprisingly, in this sea of red, Ripple Labs’ XRP stood out as the sole winner among the top 10 crypto assets, surging by 18% to trade around $0.82.
But what’s driving these sudden shifts in the market? Keep reading!
The initial demand for Bitcoin and other crypto assets recorded after the U.S. elections has gradually dwindled in the past week. On Thursday, the US spot Bitcoin ETFs ended a six-day winning streak with a net cash outflow of about $400 million.
Similarly, the US spot Ether ETF ended a seven-day streak of notable cash inflow with a net cash outflow of about $3.2 million on Thursday.
Consequently, the crypto market is expected to register a short-term correction before continuing with the macro bull run.
Last week’s rally, sparked by Donald Trump’s electoral victory, had pushed Bitcoin’s price to a peak above $93,000. However, this week has seen a short-term pullback, with Bitcoin now trading below $88,000 as of Friday.
Since Monday, over $3 billion has been liquidated from leveraged crypto positions, with more than $510 million liquidated in the past 24 hours alone, affecting mostly long traders.
As many traders shift to short positions to mitigate losses, the increased volume of short trades has intensified a long squeeze effect in the market, adding further pressure on prices in the near term.
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