The BRICS TimesThe crypto market has faced a continuous decline over the last few days. Bitcoin prices are also falling constantly.
The cryptocurrency market has seen a consistent drop over the past few days. Bitcoin, the world’s oldest crypto, is also seeing its value fall steadily. On Thursday, November 20, Bitcoin is trading in the red zone again.
Bitcoin prices touched a low level of $92,000 during the early trading hours. Investors in the crypto market are facing significant financial losses right now. Since the decline started in October, investors have lost over $1 trillion globally. Let us look at the main reasons for this drop and today’s crypto prices.
Why is the market falling?
The US government might not cut interest rates soon, which makes investors hesitant. They are avoiding placing big bets on crypto assets currently. Constant selling pressure is also a major reason for this ongoing decline. Money has been flowing out of Spot Bitcoin ETFs for the last 5 days.
This trend has increased pressure on the entire crypto market. The drop in Bitcoin prices has actually broken a 7-month record recently. On November 18, Bitcoin even reached a trading level below $90,000. Small investors have reduced their participation, though big players still trust the market.
Crypto Prices Today
According to crypto price tracking websites, Bitcoin was trading at $92,577.82 on Thursday, November 20. If we compare prices over the last month, this is a decline of 14.16 percent. Ethereum was trading at $3,035.42, which shows a fall of 21.44 percent. Meanwhile, the Solana cryptocurrency was trading at $143.71.
Akshay Didwaniya
