Bitcoin and altcoins continue to 'burn red'
In the trading session on November 17 in the Asian market, Bitcoin continued its downward trend that has lasted for the past 3 weeks and at times hit bottom, approaching 93,000 USD/BTC - the lowest level since the end of September 2025. Selling pressure is still very strong, although the intensity of the sell-off has cooled down compared to last week. Panic prevails across the market.
As of 3:00 p.m. on November 17 (Vietnam time), Bitcoin slightly recovered to the $95,600 range but still decreased by 10.2% in 7 days, down nearly 18% compared to the $116,000 recorded on October 27, and down 23.7% compared to the peak of $125,300 on October 7.
Thus, in just over 5 weeks, Bitcoin has undergone a very strong correction, causing more than 600 billion USD in capitalization to evaporate. Bitcoin's capitalization is now only about 1,900 billion USD, the lowest since June 2025.
The breach of the psychological $100,000 mark has had a domino effect across the entire crypto market. Ethereum has fallen 25% in the past three weeks to $3,180. Solana has lost 31%, Dogecoin has plunged 24%, and many other tokens and meme coins have fallen by tens of percent. The Fear & Greed Index has fallen to the 15-17 point range - the "extreme fear" level and the lowest since March 2023.
The main reason for this sell-off is the severe lack of US macroeconomic information during the 43-day government shutdown (October 1-November 13). Reports on CPI, PPI, non- farm payrolls... were suspended, leaving investors with no basis to evaluate monetary policy.
Expectations that the US Federal Reserve will cut interest rates at its December 10 meeting have plummeted from more than 90% at the end of October to nearly 40% as of November 17. Some strategists even predict that the next cut may not be until late Q1 or early Q2 2026. The stronger US dollar has weighed on all risk assets, including Bitcoin.
In addition, net cash withdrawals from Bitcoin ETFs in the US reached a record for three consecutive weeks, reaching billions of dollars. Profit-taking activities of long-term “whales” also tended to increase sharply.
End of cycle, risk of credit freeze
Many experts believe that this price drop is a necessary correction after Bitcoin failed to maintain the level above $ 120,000. However, a new concern is emerging: the cryptocurrency market may have entered the final stage of a 4-year cycle.
History shows that after each halving (reducing the reward for miners by half), Bitcoin has a strong increase for 12-18 months, then enters a distribution phase and a decline that lasts for the next 12-18 months. It is now the 20th month since the April 2024 halving - right at the end of the historical growth cycle. This is also the period when long-term investors take the most profits and when many people leave the market.
The biggest risk right now is the risk of a credit freeze for companies holding digital assets. Over the past 18 months, a series of companies have issued convertible bonds and debt notes to buy Bitcoin and tokens with leverage. However, global money flows are strongly drawn to government bonds (to cover budget deficits) and large-scale AI projects.
If credit tightens or freezes again, these companies will not be able to extend their debt, forcing them to sell off their digital assets and creating a new downward spiral.
In the past, Bitcoin has dropped 75% from the peak of 69,000 USD (11/2021) to 16,600 USD (11/2022), most recently it dropped 30% from 106,000 USD (12/2024) to 75,000 USD (7/2025). The current drop is only 23.7% from the peak, and it could still fall further if sentiment continues to worsen.
Currently, many small investors choose to stand aside and observe or sell at a loss, waiting for a clearer signal.
However, many experts believe this could be the best long-term accumulation opportunity of 2025.
The market is now completely different from previous cycles: the participation of large ETFs, large banks and countries has created a layer of institutional liquidity deep enough to absorb large selling from "whales". The deep drops like before may not happen, this is the clearest sign of the maturity of the crypto market.
With the legal framework gradually improving and practical applications exploding, the cryptocurrency market is expected to recover strongly from the second half of 2026 to early 2027. The present may be a period of purification and testing the confidence of investors.
Source: https://vietnamnet.vn/bitcoin-lao-doc-ve-93-000-usd-hon-600-ty-usd-boc-hoi-noi-lo-moi-xuat-hien-2463638.html
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