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Core Viewpoint - The cryptocurrency market experienced a significant downturn, with Bitcoin falling below the $100,000 mark, indicating a potential shift towards a bear market [1][8]. Market Performance - As of November 7, Bitcoin was priced at $100,031.4, reflecting a 24-hour decline of 2.71% [1]. - On November 4, Bitcoin had briefly dipped below $100,000, reaching a low of $98,888.8 [3]. - Ethereum also saw a decline, dropping to $3,239.6 with a 24-hour decrease of 4.73% [3]. - Solana's price fell below $160, currently at $153, marking a 24-hour drop of 3.57% [5]. - Other cryptocurrencies such as XRP, HYPE, and BNB also experienced declines [5]. Liquidation Data - Over the past 24 hours, more than 230,000 traders were liquidated, with a total liquidation amount of $675 million, including $460 million from long positions and $210 million from short positions [6][7]. Economic Context - World Economic Forum Chairman Borge Brende warned of potential bubbles in cryptocurrencies, AI, and debt markets, suggesting a broader financial instability [8]. - The rise in risk-averse sentiment was attributed to issues in the U.S. credit market, leading to increased expectations for interest rate cuts by the Federal Reserve [8]. - Bitcoin's performance has disappointed the market, with analysts indicating that a drop below the 50-week moving average could confirm a bear market [8]. - Peter Schiff commented on Bitcoin's pricing, suggesting that it is overvalued and that selling now could allow for the purchase of undervalued physical assets [8]. - Analysts noted that a return to risk appetite in the market would require multiple favorable signals, including stabilization or a decline in U.S. Treasury yields [8].