🌐 Global Market Cap: 3.12T, down 1.15 trillion dollars from the year's peak.
📶 Market Sentiment: Fear and Greed Index 15, Extreme Fear. Investors lack macro guidance, and market confidence is weak.
💸 Funds and Liquidations
In the past 24 hours, the market decline has led to a large number of leveraged traders being liquidated.
Total Liquidation Amount and Number of People: Total liquidation amount across the network reached 657.51 million dollars, with 175,825 traders liquidated.
Major Cryptocurrencies: The largest single liquidation occurred in the Ethereum contract on the Hyperliquid exchange, worth 24.22 million dollars.
🔥 Today's Focus
Cryptocurrency Market Continues to Decline: Bitcoin briefly fell below 89,000 dollars on Wednesday, hitting a low of 88,526 dollars, then rebounding to around 92,000 dollars. Ethereum also fell below 3,000 dollars, down about one-third from the August peak.
Expectations for Federal Reserve interest rate cuts have significantly cooled: According to CME's "FedWatch" tool, traders' expectations for the probability of a Federal Reserve interest rate cut in December have plummeted from 94% a month ago to about 30%. The minutes from the Federal Reserve's October meeting indicated that decision-makers had differing opinions and warned that rate cuts could undermine efforts to curb inflation.
The market lacks macro directional guidance: Analysts point out that investors currently lack macroeconomic guidance, and market sentiment is as extreme as it was at the low in April. The two pillars that drove Bitcoin's rise this year — expectations for Federal Reserve interest rate cuts and increased institutional adoption — have both temporarily stalled.
Traditional markets and crypto markets are linked: after Nvidia announced strong earnings, market risk appetite has rebounded, also driving cryptocurrency prices up from their lows.
📊 Mainstream coins and popular sectors performance
Mainstream coin performance (data as of before 00:00 on November 21)
₿ BTC: approximately $92,000 (bouncing back from an intraday low of $88,526, but the cumulative gain for 2025 has been erased, turning into a decline of 2%).
Ξ ETH: approximately $3,020 (down 8% cumulatively in 2025, underperforming Bitcoin).
Popular sectors and projects:
Privacy coins are performing strongly: Zcash (ZEC) has risen 125% in the past 30 days, partly due to the US SEC's plan to hold a roundtable on privacy and financial regulation in December, sparking market interest in privacy technology.
Institutional dynamics and new products:
Fidelity has launched a Solana spot ETF (FSOL), with initial seed funding of approximately 23,400 SOL.
Filecoin has launched a decentralized cloud computing service aimed at supporting AI and blockchain applications, with the mainnet scheduled to launch in January 2026.
🌍 Macro and regulatory dynamics
China's central bank liquidity injection: The People's Bank of China conducted a 300 billion yuan 7-day reverse repurchase operation on November 20, as there were 190 billion yuan of reverse repos maturing on that day, resulting in a net injection of 110 billion yuan.
US policies and regulations:
New Hampshire has approved a $100 million municipal bond backed by Bitcoin.
Kraken exchange has received a $200 million strategic investment led by Citadel Securities, bringing its valuation to $20 billion and preparing for a potential IPO.
Forex market volatility: On the previous trading day, the US dollar index closed at 100.23, up 0.68%; the US dollar against the Japanese yen closed at 157.16, up 1.06%.
🐌 Market insights
On November 20, the cryptocurrency market continued to be under pressure against the backdrop of a sharp reversal in expectations for Federal Reserve interest rate cuts, with Bitcoin briefly falling below $89,000, erasing all gains since 2025.
The core contradiction of the current market lies in the lack of macro guidance. On one hand, the significant delay in the expectations for the Federal Reserve's interest rate cuts has weakened the attractiveness of risk assets; on the other hand, the previous government shutdown in the United States resulted in the absence of key economic data for October, making investors feel "like groping in the dark." This uncertainty has exposed the fragility of the market and triggered a chain reaction, including margin calls, capital outflows from exchanges, and stagnation of interest from new buyers.
Technically, analysts point out that Bitcoin's next psychological level is around $85,000 and $80,000, while the low of $74,425 in April 2025 is also under close watch. Although Matthew Hougan, Chief Investment Officer of Bitwise Asset Management, believes the market may be closer to the end of the sell-off, he also warns that cryptocurrencies may have more room to fall before rebounding.
In the short term, the restoration of market confidence requires seeing clarity in the Federal Reserve's policy path and signs of strong support for Bitcoin near critical psychological levels. Investors should closely monitor macro policy signals and changes in market sentiment.
