PANews November 26 news, Singapore's crypto investment firm QCP Capital stated today that the price of Bitcoin has fallen below $93,000, resulting in over $430 million in long liquidations since its last comment. This correction coincided with the end of five consecutive days of net inflow into spot ETFs, with a net outflow of $438 million on Monday, while MicroStrategy's stock price fell by 4.4%.
Last week, after MicroStrategy's record purchase of $5.4 billion in Bitcoin, market sentiment turned cautious. With the U.S. holiday approaching and a lack of significant positive news, Bitcoin's momentum to hit the $100,000 mark has been hindered. Additionally, the implied volatility of ETH shows a bias towards put options, reflecting market pessimism towards BTC and ETH. Concerns about downside risks may be exacerbated by tonight's Federal Reserve meeting minutes and tomorrow's PCE data.
Nevertheless, QCP Capital pointed out that the magnitude of this adjustment is not unusual, as Bitcoin has only retraced to levels seen at the beginning of last week, as the post-election market's excessive leverage-driven rise needs to be paused.
