Share this article
Bitcoin Price Drops Almost $3,000 With Sharpest Sell-Off Since March
Bitcoin fell more than 12%, its sharpest decline in months.
Updated Sep 14, 2021, 10:35 a.m. Published Nov 26, 2020, 4:16 a.m.
Make us preferred on Google
[UPDATED Nov. 26, 2020, 09:00 UTC] Bitcoin has fallen almost $3,000 from levels close to all-time highs.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
At around 2:15 UTC, bitcoin began to tumble significantly as its value dropped below a previous area of support at around $18,474.
Spot volume across major exchanges also rose sharply as bitcoin's 24-hour range fell to between $19,474 and $16,514 – its sharpest decline since the wider markets crash in March, according to CoinDesk 20 data. Today's fall marks an over 12% drop over 24 hours.
Bitcoin was last seen trading up slightly at $17,040.
"I think this is a correction before we break $20,000," said Ki Young Ju, CEO at analytics firm CryptoQuant. "Other long-term on-chain indicators like BTC and stablecoin reserve say the potential buying pressure still prevails so far."
While the reason for the drop isn't entirely clear, the sell-off move comes at a time when Coinbase's CEO Brian Armstrong voiced his concerns on Wednesday night over the U.S. Treasury Department’s rumored plans to attempt to track owners of self-hosted cryptocurrency wallets.
It also came soon before an expected flood of bitcoin onto the market that had been frozen on the OKEx exchange due to an absent key holder. OKEx restarted withdrawals at 08:00 UTC, well after the main portion of Thursday's drop.
The plunge liquidated $950 million worth of positions across major exchanges, as noted by derivatives data provider Bybt. Nearly $90 million worth of positions on Compound Finance was also liquidated as the price of dai on Coinbase, which the platform's price oracle uses to execute liquidations, spiked 30 percent.
"The latest BTC price drop is the first of many tests for new money on whether they have the vision and stomach to truly invest in BTC and the future of digital finance, or if they'll simply repeat 2018 and wash out of the market," said Jehan Chu, co-founder and managing partner at Hong Kong-based blockchain investment and trading firm Kenetic.
Most other notable cryptocurrencies also fell, with chainlink and cardano suffering the worst drops across the board, losing 18.9% and 16.7%.
See also: Coinbase CEO: Trump Administration May ‘Rush Out’ Burdensome Crypto Wallet Rules
Updated (Nov. 26, 2020, 09:30 UTC) to include information regarding OKEx withdrawals.
Updated (15:12 UTC, Nov. 26 2020): Corrected headline and sentence that said the drop was the largest in 12 weeks. The 12% drop is the largest since March.
Updated (17:23 UTC, Nov. 26 2020) to include information regarding Compound Finance liquidations.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coreweave stock gains 9% on fresh $2 billion Nvidia investment
Already an investor in CoreWeave, Nvidia last September had agreed to purchase $6.3 billion of computing services from the AI infrastructure provider.
What to know:
- CoreWeave shares jumped about 9% in pre-market trading after Nvidia invested another $2 billion in the AI-focused cloud company.
- The new funding is intended to help CoreWeave expand to more than 5 gigawatts of AI-dedicated data centers by the end of the decade.
- The deal deepens a yearslong collaboration in which Nvidia and CoreWeave will align on hardware, software and data center strategy, and test CoreWeave’s Mission Control resource-scheduling platform for potential integration into Nvidia’s ecosystem.
Top Stories
