Bitcoin News Today: Over $1.1B Liquidated as Crypto's Plunge Sparks Stock Market Contagion

The Crypto Fear & Greed Index edged higher to 23 in early November, still firmly entrenched in "Extreme Fear" territory, as Ethereum (ETH) and Bitcoin (BTC) faced their steepest declines in months. The market turmoil, driven by overleveraged positions and shifting sentiment, triggered over $1.1 billion in liquidations within 24 hours, according to BeInCrypto. Ethereum fell below $3,400, erasing its year-to-date gains and marking its first negative performance for 2025 since June. Bitcoin slid to an intraday low of $100,721, nearing the psychologically significant $100,000 support level.

The selloff intensified as traders scrambled to unwind leveraged bets. Over 303,000 accounts were liquidated, with $287 million in long positions wiped out in a single hour. Ether's two-day drop of 20% mirrored the October 10 crash, with 10x Research's Markus Thielen warning of potential support levels at $2,700–$2,800, according to CoinDesk. High-beta assets like Solana (SOL), BNB, and XRP also saw aggressive unwinding as market participants sought to reduce exposure.

Despite the chaos, Coinbase (COIN) delivered a rare bright spot in the crypto sector. The exchange reported $1.9 billion in Q3 revenue and a 55% year-over-year profit increase, bolstered by growing transaction volumes and staking services, as reported by TradingView. Its stock rose 4.6% to $343.78, though it remained 3% below its weekly high, according to Yahoo Finance. Meanwhile, BlackRock's IBIT Bitcoin ETF faced outflows, shedding $290.8 million on a single day as BTC's decline spooked institutional investors.

The broader financial markets reflected similar fragility. Asian equities extended a Wall Street selloff, with South Korea's KOSPI dropping 4.1% amid global fears of overvalued stocks, Reuters reported. Bitcoin and gold briefly dipped below key levels before rebounding, while the U.S. dollar gained traction against the yen. Analysts warned of a "material pullback" in equities, with Capital Group's Mike Gitlin noting valuations are "somewhere between fair and full," according to Bloomberg.

The synchronized collapse in crypto and traditional markets underscores deepening investor anxiety. Ethereum's collapse to a 12-month low and Bitcoin's near-$100,000 support test highlight the fragility of the sector's recent optimism. Meanwhile, the Fear & Greed Index's stubbornly low reading suggests caution remains paramount, even as some investors see buying opportunities in the aftermath of the selloff, as noted by Bloomberg.