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Bitcoin Wipes Out November Gains Amid Brutal Sell-Off

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Tue, 11/16/2021 - 05:13
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Alex Dovbnya
After scoring big gains in “Uptober,” Bitcoin is struggling to remain in the green this November
Bitcoin Wipes Out November Gains Amid Brutal Sell-Off
Cover image via stock.adobe.com

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Bitcoin (BTC), the top cryptocurrency, has turned red on the monthly chart, wiping out its November gains.

BTC
Image by tradingview.com

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The cryptocurrency slipped to an intraday low of $60,350 at 4:23 a.m. UTC on the Bitstamp exchange, plunging 5% within four hours.

This is the lowest level the cryptocurrency has seen since Nov. 6.

Ether (ETH) saw a steeper correction than Bitcoin, dropping to $4,249 earlier today.

The two largest cryptocurrencies are both down 10.8% from their recent record highs at the time of writing.

According to data provided by Coinglass, $287.84 million worth of longs has been liquidated in four hours.

Litecoin (LTC) and Chainlink (LINK) are down more than 10% over the past 24 hours, becoming the top laggards amid major altcoins. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.