The total crypto market cap is down by roughly $200 billion daily.
Despite the positive developments on a macro front, such as the US government reopening, BTC’s quite unfavorable price actions continued in the past 12 hours or so as the asset plunged to a new multi-month low.
The cryptocurrency stood above $107,000 just three days ago after Trump promised to send tariff checks of at least $2,000 to some Americans and hinted that the government shutdown might end soon. However, bitcoin failed to capitalize on this momentum and quickly dipped back to $103,000.
Nevertheless, it rebounded to $105,000 on Wednesday before the bears took complete control of the market, especially on Thursday. The POTUS signed legislation to reopen the government, which was first followed by an immediate bounce, but the landscape changed for the worse shortly after.
In less than a day, bitcoin dumped by more than eight grand and currently struggles below $97,000, which is the lowest it has been since early May.
Doctor Profit, who has been bearish on the asset for weeks, believes the worst is yet to come by predicting another nosedive to somewhere around $90,000 and $94,000.
#Bitcoin: First promised target of 90-94k region is about to be hit. Important to note that I wont take any profits from the short at 90-94k region! https://t.co/p6qQqxsaor pic.twitter.com/Rhamwixvct
— Doctor Profit 🇨🇭 (@DrProfitCrypto) November 14, 2025
The altcoins have followed suit with multiple double-digit price declines. AAVE, ENA, RENDER, SUI, PEPE, and LINK are also down by more than 12%. Even the largest of the bunch has plunged by over 11% and now struggles well below $3,200.
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The total value of wrecked positions has skyrocketed to almost $1.1 billion on a daily basis. The single-largest liquidated position, according to CoinGlass, took place on HTX and was worth a whopping $44.29 million. The number of wrecked traders is above 240,000.
Naturally, longs represent the lion’s share, with $966 million. Short liquidations are worth $124 million as of press time.
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