The cryptocurrency market is reeling from a brutal 24-hour period marked by over $1 billion in leveraged position liquidations, a sharp Bitcoin plunge below $90,000, and a cryptic update from Coinbase that’s ignited speculation.
This comes amid broader risk-off sentiment, with the total crypto market cap shedding more than $1 trillion from its October peak—now hovering around $3.26 trillion.
Over $1 Billion Liquidated in Leveraged Positions
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026): big discounts for early bird.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab: From Technical Design to Deployment (next edition begins Jan 24 2026).
Data from CoinGlass shows approximately $1.13 billion in positions wiped out across major exchanges like Hyperliquid ($333 million), Bybit ($288 million), and Binance ($223 million). Long positions dominated the carnage, with over $974 million in longs liquidated, primarily in Bitcoin and Ethereum.
This affected more than 190,000 traders and exacerbated a 3.7% market-wide decline. Ethereum briefly dipped below $3,000 now at ~$3,050, down 4.4%, while altcoins like Solana and Cardano saw double-digit drops.
The event echoes the massive $19 billion liquidation cascade from October 10, triggered by U.S. tariff announcements, which set a grim precedent for 2025 volatility. High leverage up to 100x on some platforms amplified the sell-off, creating a feedback loop of forced closures.
Broader factors include waning institutional inflows into Bitcoin ETFs and whale profit-taking, with over 208,000 BTC moved to exchanges recently. The Crypto Fear & Greed Index has cratered to “Extreme Fear” score of 11, signaling capitulation.
Bitcoin Briefly Falls Below $90K
BTC tumbled to a seven-month low under $90,000 late on November 18 (UTC), erasing all 2025 gains and entering official bear market territory down >20% from its $126,000 October high. It has since rebounded slightly to ~$92,500–$93,000 as of November 19 morning, but volatility persists.
The drop wiped out ~$600 billion in BTC market cap alone, dragging the broader market lower. Privacy tokens and meme coins (e.g., PEPE down 80% YTD) were hit hardest, with total altcoin losses exceeding 14% in spots. Mining revenues also hit a five-year low amid rising network difficulty.
Uncertainty over Federal Reserve rate cuts strong U.S. data suggests fewer cuts, high interest rates hurting risk assets, and tech sector overvaluation fears spilling over from AI stocks.
Technical Signals: A “death cross” 50-day MA crossing below 200-day MA formed, with liquidity concentrated in the $89K–$94K zone. Analysts eye potential further downside to $72K–$74K— April 2025 lows if support breaks.
Outflows from BTC ETFs, whale selling, and post-October liquidation jitters have thinned buy-side liquidity. However, optimists like Bitwise CIO Matt Hougan call this a “generational buying opportunity,” while Fundstrat’s Tom Lee predicts a bottom this week based on DeMark exhaustion indicators.
Coinbase Changes X Bio to “December 17
Coinbase updated its official X bio to simply “December 17,” accompanied by a pinned post featuring a green candlestick chart and the phrase “Bio Updated.” CEO Brian Armstrong amplified it by urging followers to “Check Coinbase’s bio,” confirming it’s intentional.
The move sent Crypto Twitter into overdrive, with thousands of posts speculating on its meaning. Base’s Coinbase’s Ethereum L2 network activity has surged, with theories dominating discussions. No official details yet, but it’s timed just after the $MON token sale ends on November 23.
This fits Coinbase’s history of cryptic teasers (e.g., pre-Launchpad hints). Top theories include: Base team has explored a native token; could reward builders/creators amid record activity and integrations (e.g., OKX).
Jesse Pollak has hinted at it; CT is “detective mode.” Platform-wide upgrades, including token sales expansion, global markets (e.g., India), and on-chain features. Aligns with Q3 earnings momentum $1.87B revenue, up 55%.
Tied to CLARITY bill markup in December for U.S. crypto rules; could unlock institutional tools. Armstrong was in D.C. lobbying recently. Might be hype for holidays or unrelated event. Its too coordinated for a prank.
Community sentiment is bullish on Base-related news, with predictions markets (e.g., on Limitless) betting on a token reveal. If it’s $BASE, it could catalyze L2 dominance, especially post-SEC’s 2026 audit shift away from crypto scrutiny.
If BTC breaks $88K–$90K support, expect cascade liquidations toward $72K, with alts (TOTAL/BTC) deteriorating further. A $1T+ additional wipeout isn’t off the table if Fed signals tighten. Capitulation signs (e.g., low mining revenues, ETF exhaustion) suggest a rebound to $102K–$106K soon.
India’s retail dip-buying 40% BTC trades on CoinSwitch and Hong Kong’s new crypto licenses signal regional resilience. Plus, Coinbase’s tease could spark a narrative shift. Key levels to watch is BTC support at $88K–$90K and resistance at $94K, $100K psychological level.
ETH $3K hold; altcoin rotation if TOTAL/BTC holds pre-October levels. This feels like classic cycle pain—leverage flush meets macro fog—but history shows these dips birth the next leg up.