Why November 21 Has Become a "Bloody Thursday"

The drawdown of the cryptocurrency rate was noticed on the BitMEX exchange first. At 15:34 (GMT + 3), the rate of BTC dropped from $8110 to $7350. The lightning-fast fall caused the elimination of longs by more than $180 million.

A further small rollback in the price of Bitcoin led to its consolidation at the level of $7600. At the time of writing, BTC is trading at $7,664.4 per coin.

The bearish trend of Bitcoin has affected the entire cryptocurrency market. The first hundred coins show similar behavior. Many traders suffered huge financial losses. It could be caused by the “Miner Capitulation" - a lively discussion on Twitter on the Bitcoin miners actively draining their income on the eve of halving.

Charles Edwards wrote on his Twitter that a similar situation was observed 6 months before halving in 2012 and 2016.

Another factor is the latest news from China. Local traders working on foreign exchanges constantly experience FOMO. However, the shocking program on central television and the speech of PRC President Xí Jìnpíng, who disproved the rumors about a possible resumption of trading, made it very difficult to follow the FOMO.

All these factors could negatively affect the cryptocurrency rate, causing a massive drain of assets. Let's hope that the situation will not worsen in the coming days, and BTC will recover its position.

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