Bitcoin crashes to 6-month low, slides 30 pc from Oct peak
New Delhi, Nov 18
Bitcoin, the world's largest cryptocurrency, is facing heavy selling pressure, falling to a six-month low and trading close to the $90,000 mark on Tuesday.
The extent of the slump is evident from the fact that Bitcoin has now erased all the gains it made in 2025.
From its October peak of $126,000, the cryptocurrency has plunged nearly 30 per cent.
The sharp decline has dragged Bitcoin's market cap below the $2 trillion level once again.
Vikram Subburaj, CEO of Giottus.com, said Bitcoin's downtrend has continued relentlessly, wiping out the entire rally of 2025.
According to him, selling pressure is visible across derivatives as well as exchange-traded products (ETFs).
Bitcoin ETF outflows have surged to $815 million, taking the total outflow this week to almost $2 billion.
Subburaj added that strong US manufacturing data has reduced the likelihood of a rate cut in December, prompting investors to turn cautious. Even after the US government shutdown ended, selling pressure in Bitcoin has persisted.
The broader crypto market has mirrored Bitcoin's decline. Ethereum has slipped below the $3,000 mark, Solana has dropped more than 20 per cent this week, and XRP has fallen 16 per cent.
Overall, the global crypto market cap has fallen nearly 6 per cent on a weekly basis.
Avinash Shekhar, CEO and co-founder of Pi42, said ETF outflows, increased short positions by large investors, and declining liquidity have turned a steady correction into a steep downturn.
"ETF outflows, whale-driven short positioning, and thinning liquidity have turned a routine correction into a deeper drawdown," market watchers said.
Apart from Bitcoin, Ethereum has also fallen below its important support level of $3,000, which shows that it may be entering a bearish phase.
BNB has dropped under $900, Solana is moving towards $130, Dogecoin is around $0.15, and Cardano is near $0.45.
Meanwhile, XRP is still holding strong above $2.11, and Chainlink is trading above $13.11.
— IANS
Reader Comments
Perfect buying opportunity! When everyone is fearful, be greedy. This is just a temporary correction. Bitcoin has always bounced back stronger. Loading up more at these levels 💪
As someone in the industry, I must say this correction was overdue. The market had become too euphoric. This is healthy for long-term growth. Remember, crypto investing requires patience and strong risk management.
My Indian colleagues were so bullish on crypto, but I've always been skeptical. With 30% drops like this, it's more gambling than investing. Better to stick with traditional assets that have actual regulatory protection.
This is exactly why RBI has been cautious about cryptocurrencies. The common Indian investor doesn't understand these risks. Government should focus on educating people rather than just banning things. ðŸ™
Bought at 1.2L and now it's at 90k 😠But holding strong! Crypto is the future and India shouldn't miss this digital revolution. Just hoping for some positive regulations from our government soon.
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