Crypto Market Crashes on Nov 4 — What Happened?

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The total crypto market cap plunged by over $400 billion in just a couple of days. But what's behind it?

The broader economic perspective shows few signs to worry and it certainly couldn’t predict what transpired in the cryptocurrency markets at the start of the current business week. Bitcoin traded at $111,000 on Sunday evening, ETH was above $3,900, XRP was at $2.60, and so on.

What followed, though, was a market-wide crash that pushed BTC down to just under $99,000 for the first time in almost five months. ETH turned negative YTD, dropping to $3,200. And these declines took place less than a week after the US Federal Reserve cut the interest rates, US and China made significant progress on the trade deal front, and the inflation numbers in the States were not as high as many feared.

So, why did crypto crash, and why did the market cap go down to $3.2 trillion, thus erasing $1 trillion since the October 6 all-time highs? Here’s the take from the Kobeissi Letter.


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