Why is Bitcoin price down today?

Bitcoin price is falling again, but what are the main reasons for BTC's prolonged decline?

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The price of bitcoin (BTC) accelerated its sell-off on November 21 to hit a new yearly low of $15,654.

The move follows a market-wide decline that was catalyzed by investors rushing into the hills lest FTX-induced contagion infect every corner of the crypto sector.

Stocks also ended the day in the red, with the tech-heavy Nasdaq down 1% and the S&P 500 down 0.42% on investor concerns over rising interest rates. interest.

Data from Coinglass shows that more than $100 million in leverage was liquidated on November 20 and 21, with investors fearing an accelerated sell-off if Digital Currency Group (DCG) and BlockFi fail to secure a financing and are forced to declare bankruptcy. .

BTC opens the interest per exercise price. Coinglass

Some analysts are betting on Bitcoin price falling below $14,000, which would put another 10,000 BTC at risk of liquidation.

Let's investigate the main reasons why the price of Bitcoin is down today.

On-chain data cites historic 'maximum realized losses'

Bitcoin price is responding to market stress from widespread FTX contagion, hitting a yearly low after a period when many believed a bear market bottom had been found.

Glassnode data shows $1.45 billion in realized losses for the week of November 12, ranking fourth in history.

According to Glassnode:

"A relatively small $83 million in earnings, suggesting that the vast majority of the volume currently being spent comes from current cycle investors"

Bitcoin Realized Losses . Source: Glassnode