Crypto Today: Bitcoin’s Big Slide, $400B Market Wipe-Out & Binance’s CEO Speaks
1. Bitcoin Sinks Hard
Bitcoin fell another ~4.5% to around $82,440, marking its worst week since the FTX collapse in November 2022. Overall decline from October’s peak (~$126,272) is about 34%. Barron's
Reasons cited: weak volume heading into Thanksgiving and a broad risk-off mood.
2. Market Cap Evaporates — ~$400 B in a Week
Crypto markets lost nearly $400 billion in value this week alone, as nearly every major altcoin followed Bitcoin lower. The sell-off has revived long-dormant debate: is crypto still a long-term store of value? Axios
3. Binance CEO: Volatility = Normalcy
Richard Teng, CEO of Binance, said the current volatility is “in line with most asset classes,” attributing the drop largely to investor deleveraging and risk-off sentiment. He noted Bitcoin still trades at over twice its 2024 levels. Reuters
Takeaway
Today’s crypto action is a sharp reminder: what goes up quickly can come down just as fast. The withdrawal of institutional flows and the broader risk-off swing are real threats — but so is the tone shift in industry leadership. If Binance’s framing of this as “healthy consolidation” holds, the next few weeks might be about weathering the storm, not chasing the bounce.
