Bitcoin experienced a sharp decline on November 21, dropping to $80,553 as the cryptocurrency market faces heavy selling pressure. Ethereum also fell 8.9%, pushing its value below $2,700. This marks a significant drop in crypto market capitalization, reflecting heightened uncertainty and investor caution.
On November 21, Bitcoin witnessed a major decline, falling by 7.6% to reach $80,553. Ethereum saw an even sharper drop of 8.9%, bringing its price below $2,700. According to CoinGecko data, for the first time since April, the total market capitalization of virtual currencies fell below $3 trillion.
The downward pressure intensified after Owen Gunden sold his entire Bitcoin portfolio. Gunden, one of the oldest Bitcoin investors, had a substantial portion of his wealth tied to his Bitcoin holdings. Since October 21, 2025, he has sold approximately 11,000 BTC, valued at around $1.3 trillion. His sales coincided with growing market pressures on Bitcoin.
Bitcoin has fallen roughly 25% in November, marking the largest monthly decline since June 2022. Bloomberg data shows Bitcoin had reached record highs at the beginning of October but has since lost over 30% of its value. A significant sell-off on October 10 contributed heavily to this downturn, reducing the combined market capitalization of all cryptocurrencies by nearly $1.5 trillion.
Data from Coinglass indicates rising selling pressure on Bitcoin in the last 24 hours, driven by the closure of $2 billion leveraged trades. The cryptocurrency fear index, which tracks investor sentiment, has dropped to its lowest point since the 2022 market crash, signaling heightened fear among traders. Earlier in January 2025, the sentiment index stood at 94, coinciding with Donald Trump’s swearing-in as U.S. President.
On November 21, Bitcoin recorded its 21st consecutive session of lower lows. Bloomberg reports this is the longest stretch of downward pressure since 2010. Mudrex CEO commented, “Uncertainty in the U.S. is causing consolidation in the crypto market,” highlighting cautious investor behavior during turbulent times.
Recent U.S. job data revealed a higher-than-expected unemployment rate of 4.4% in September, potentially affecting Federal Reserve interest rate decisions. CoinSwitch Market Desk notes that the $89,000–$92,000 range remains the closest liquidity area and could act as a potential short-term recovery zone.
Conclusion
Bitcoin’s sharp decline to $80,553, coupled with Ethereum’s drop below $2,700, underscores ongoing volatility in the cryptocurrency market. Large-scale sell-offs, investor fear, and U.S. economic uncertainty are contributing to a cautious and consolidating market environment. Traders are closely monitoring key price bands and market sentiment for potential recovery signals.