Key Highlights
- Bitcoin, the digital tulip, withers once more below the $90,000 threshold-a six-month low that would make even a Soviet bureaucrat blush at its inevitability.
- Ethereum, the “programmable future,” stumbles under $3,000 as network activity flatlines, proving decentralization cannot outpace human apathy.
- Macro pressures, the ghost of Keynes past, and the Fed’s icy breath freeze the crypto rally-a thaw not seen since the last ice age.
Bitcoin (BTC), that elusive chimera of modern finance, sank below $90,000 in Asia’s predawn gloom, a six-month nadir that would’ve made Marx himself smirk at capitalism’s circular tragedies. Ethereum (ETH), ever the eager understudy, tumbled under $3,000 as traders whispered of “network effects” that now resemble ghost towns. 🕯️
This sell-off, sharper than a Siberian winter, erased weeks of gains and exposed the fragility of a rally once hailed as “the new Silk Road.” Traders, who only yesterday crowed of moon-bound portfolios, now stare into the abyss, their screens flickering like dying campfires in the dark. 🔥
As U.S. equities crumbled-Nasdaq shedding points like a Soviet satellite shedding rivets-it became clear: crypto is no longer a “risk-on” asset. It’s a weathervane for panic, spinning wildly as the storm of macroeconomic dread gathers force. 🌪️
Crypto’s great reset: When Lambos meet lemonade
Bitcoin’s descent from October’s peak-a 27% haircut-would’ve made a 1920s flapper weep. On November 17 alone, it shed 3%, a drip-feed capitulation that outpaced even the slowest samovar. ☕
Ethereum dove 4% to $2,983, a 40% correction from August’s euphoria. Solana? Down 21%-a “decentralized” exodus. XRP slid 14%, Cardano 22%. Investors, once eager to bet on “the future,” now flee altcoins faster than peasants from a collectivized farm. 🏃💨
Traditional markets mirrored the chaos. S&P 500 plunged 61 points, Nasdaq shed 192, and the Dow Jones collapsed 550 ahead of Nvidia’s earnings-a tech titan now sweating like a commissar at a politburo audit. 🔧
Bitcoin fills CME gap: A technical triumph for no one
In a twist worthy of Dostoevsky, Bitcoin finally closed its CME gap at $92,000-a technical milestone that arrived like a posthumous medal. Traders, who once fetishized gaps as “magnets,” now shrug: what good is a magnet when the fridge is empty? 🧲
$BTC There it is. The last major CME gap has now also been closed ✅
– Daan Crypto Trades (a prophet without honor in his own Telegram)
Analysts warn: closing gaps doesn’t reverse fate. With liquidity thinner than a ration card, Bitcoin’s structure remains as stable as a three-legged stool. The next act? A test of $89,000-a line in the sand that may as well be drawn in Chernobyl soil. ⚠️
Macro blues: When hope is priced in Rubles
The Empire State Index surged to 18.7-a “good news is bad news” paradox that killed December rate-cut dreams faster than a vodka hangover. Polymarket odds now scoff at cuts (55% “nyet”), while CME futures echo with 60% skepticism. 🎰
10x Weekly Crypto Kickoff – Elevated Bitcoin Crash Risk?
– 10x Research (a newsletter that’s 90% Schadenfreude)
With rates stuck higher, risk assets gasp like a cosmonaut with a leaky helmet. 10X Research notes buyers vanished in October-“no demand, all supply,” they lament, as if surprised. Options data reveals panic: puts over calls, a hedge against the void. 🧱
On-chain whispers of despair
Glassnode’s metrics scream capitulation: short-term holders take losses, echoing the 2018 bear market. Benjamin Cowen, crypto’s Cassandra, prophesies a dive to $60K-$70K: “The 200-week SMA-a graveyard of delusional hodlers.” 🕯️
While I think Bitcoin will go to the 200W SMA ($60k-$70k) in 2026… All prior cycle bear markets were confirmed by a macro lower high at the 200D SMA.
– Benjamin Cowen (a bard of doom with a Patreon)
Yet some cling to hope: oversold indicators hint at a bounce. But as Solzhenitsyn knew, hope is the first thing lost in a labor camp. 🌱
Ethereum’s quiet twilight
ETH’s fall to $2,983 exposed stagnation: TVL craters to $81B, DEX volumes vanish like dissidents. Bitmine Immersion’s shares trade below NAV-a “value trap” so Soviet it hurts. 🔩
Yet Layer-2 networks thrive! Base processes 103M transactions weekly-a spark in the darkness. But as AI chokes on energy costs and tariffs rise like bread prices in 1917, even Ethereum’s builders wonder: can code outpace chaos? 🧱
The cliffhanger: Will $89K hold?
Bitcoin’s fate now hinges on Fed whispers, economic data, and the whims of institutional whales. Ethereum waits, a patient on a gurney as surgeons debate the scalpel vs. the sledgehammer. 🩺
In this hour, crypto’s true nature is revealed: not “digital gold,” but a mirror reflecting humanity’s oldest vice-hubris. 🪞
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2025-11-18 08:57