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- In the news by CryptoSlateBitcoin falls below $64,000 as drawdown from October high tops 24%
- In the news by UnchainedArca's Jeff Dorman calls Vitalik Buterin's ETH store-of-value case misguided
- In the news by CryptoPotatoBitcoin hits three-month low as fear index drops to 20 amid inflation and Fed worries
- In the news by CryptoPotatoPi Network and Solana slide while Zcash falls below $1,000 after market correction
- In the news by CryptoPotatoHyperliquid's HYPE token falls 15% in a week to a three-month low near $70
- In the news by CryptoPotatoMidnight (NIGHT) records 96,851 transactions, over four times Zcash's daily count
Recent news
Bitcoin falls below $64,000 as drawdown from October high tops 24%
Bitcoin slipped below $64,000, with CoinGecko showing it near $65,500 on the afternoon of 14 November and Newhedge recording long liquidations below $66,000. The decline has deepened since the price broke below $72,000 on 12 November, and the drawdown from the October high now exceeds 24%.
Arca's Jeff Dorman calls Vitalik Buterin's ETH store-of-value case misguided
Arca chief investment officer Jeff Dorman said on Unchained that Vitalik Buterin's November 8 X thread, which argued ETH is better as a store of value than as a fee-burning token, is misguided. Dorman estimated Ethereum's recent revenue at about $6 million over 30 days and said roughly $200 billion of ETH's valuation is social value, while suggesting Ethereum could tax the apps built on it.
Bitcoin hits three-month low as fear index drops to 20 amid inflation and Fed worries
Bitcoin dipped to around $67,600, a three-month low, before trading near $69,300, a 10% weekly decline. The Fear and Greed Index fell to 20, entering extreme fear and its lowest reading since early June. The sell-off followed higher-than-expected US inflation, which raises the chance of a Fed rate hike next month, and a slump in Nvidia shares after CEO Jensen Huang resigned amid an extramarital affairs scandal. Merlijn The Trader argued Bitcoin is mirroring its 2022-2023 price path, while whales sold 34,000 BTC in a week and spot BTC ETFs recorded heavy outflows.
Pi Network and Solana slide while Zcash falls below $1,000 after market correction
Pi Network (PI) rose above $0.07 after US inflation data hit the market, but it slipped back below that level and has a market capitalisation of about $790 million. Solana (SOL) is down 25% for the month, trading near $80, with traders watching $78 as a key support level, while spot SOL ETFs have seen heavy outflows. Zcash (ZEC) fell 25% in a week to about $950 and dropped out of the top ten.
Hyperliquid's HYPE token falls 15% in a week to a three-month low near $70
HYPE has fallen roughly 15% over seven days to around $70 per CoinGecko, a three-month low, with a market capitalisation of $16.8 billion. Analysts cite support levels around $75 and $67 to $69 and warn of possible drops to the low $60s or $51 to $53, while Lookonchain reported an investor depositing 512,010 HYPE (about $40 million) into FalconX. The RSI has fallen below 30, which suggests oversold conditions, and exchange netflow has been negative over four days.
Midnight (NIGHT) records 96,851 transactions, over four times Zcash's daily count
Midnight processed 96,851 transactions on 10 November, against 24,160 on Zcash, and the 30-day gap was 1,487,836 to 308,050. NIGHT traded near $0.047, up over 9% in 24 hours, while ZEC fell about 25% over a week to near $980 and dropped out of the top 10 by market cap at roughly $16.6 billion. Charles Hoskinson said Midnight is growing and that private smart contracts are the future.