Cryptocurrency market capitalization fell by 2% today to $3.62 trillion, with most major assets posting modest losses.
Cryptocurrency markets fell on Tuesday, November 11th, with Bitcoin remaining just above $104,000 and most of the top altcoins by market cap trading slightly in the red today. Markets fell after pushing higher yesterday on news that Congress was making progress toward lifting the record government shutdown.
After breaking above $107,000 yesterday, Bitcoin (BTC) is trading around $104,300 at the time of writing, down 2% in the past 24 hours and flattening this week.
The U.S. Senate on Monday passed a deal to end the nation’s longest government shutdown, with eight Democratic and Republican senators voting 60-40 in favor of a deal to reopen the government through January 30, CNBC reported. The bill is currently before the House of Representatives and is scheduled for a vote on Wednesday, November 12, after the Veterans Day holiday.
Ethereum (ETH) is trading around $3,500, which is also down about 2% on the day and has been roughly flat over the past seven days.
Among other large tokens, XRP is the most depressed today, falling more than 4.4%, while Solana (SOL), BNB, and most other altcoins in the top 20 assets by market cap are also down between 1.8% and 3%.
big moves and liquidations
Among the top 100 assets, Uniswap (UNI) led the gains, surging more than 25% on the day to $8.64. Figure Heloc (FIGR_HELOC) followed with a modest increase of 1.8%. For UNI, this breakthrough comes shortly after the top DEX announced a new proposal to activate the distribution of protocol fees to token holders.
On the downside, Canton (CC) and ZCash (ZEC) fell 22% and 19%, respectively. However, despite the pullback, ZEC is up 28.2% this week and remains up over 90% over the past month.
According to data from CoinGlass, approximately $389 million in leveraged positions were liquidated in the past 24 hours. The long position was $264.6 million and the short position was $124.5 million. Bitcoin liquidation amount was $95.9 million, followed by Ethereum with $74.7 million and Zcash with $34.1 million.
ETFs and the macro environment
According to SoSoValue, the Spot Ethereum ETF saw no inflows or outflows on Monday, November 10, trading neutrally for the first time since April, while the Spot Bitcoin ETF recorded net inflows of $1.15 million.
As Glassnode pointed out in a November 11 post on As the analysts described it, the move signals a “broader phase of risk aversion among ETF investors.”
On the macro front, November began with a decline in US consumer sentiment as the government shutdown dragged on. Meanwhile, traders are awaiting new inflation data with the US Consumer Price Index (CPI) scheduled to be released later this week on November 13th.
Fed officials have signaled different views on whether further rate cuts are necessary. Reuters reported on Monday that St. Louis Fed President Alberto Moussallem expressed skepticism, saying, “There is limited scope for further easing of policy without it becoming too accommodative.”
Farzam Ehsani, CEO of cryptocurrency exchange VALR, said in an interview with The Defiant that the macro uncertainty that has gripped the market in recent weeks finally “seems to be easing,” adding that “the path is paving for a broader rebound.”
However, as Ehsani explained, the upcoming CPI data print is now “of increasing importance in shaping the next direction of the market.” VALR CEO explained:
“The release of the CPI data could be the final tailwind for a recovery in the crypto market, or the next headwind that triggers an all-out selloff. If inflation remains high, the Fed’s position could become hawkish again, which would slow liquidity inflows and dampen the current upward momentum.”