Bitcoin, XRP crash as 'Black Friday' approaches

Market Overview - The total crypto market cap has fallen below $3 trillion as of November 20, with over 215,000 traders liquidated and more than $820 million lost from the market [1] - Bitcoin has decreased by 2.72% to $86,590, Ethereum by 2.24% to $2,819, and XRP by 2.37% to $1.99 [1] Causes of Market Decline - The decline began on October 10 when President Donald Trump threatened a 100% tariff on imports from China, resulting in a loss of over $19 billion in a single day [2] - The market has struggled to recover since this event, indicating ongoing instability [2] Economic Factors - The Federal Reserve's uncertainty regarding interest rate decisions has contributed to the crypto market's struggles, with no expected rate cuts this year [3] - The crypto fear and greed index has dropped to 15, reflecting "extreme fear" among traders [3] Trader Sentiment - There is a stark divide in trader sentiment, with some optimistic about buying the dip while others remain pessimistic [4] - Bloomberg's Mike McGlone has warned that Bitcoin could potentially drop to $10,000, indicating further volatility ahead [4] Reactions from Influential Figures - Paolo Ardoino, CEO of Tether, referred to the situation as "Bitcoin black Friday" [5] - Ray Dalio has expressed concerns about Bitcoin's long-term vulnerabilities but has allocated 1% of his portfolio to it [5]