Here’s what happened in crypto today

Bitcoin is experiencing a significant downturn, nearing its worst weekly performance in over a year, with prices dropping to around $81,000 after losing critical support levels. This decline reflects a broader bearish trend in the cryptocurrency market, raising concerns among traders and analysts alike.

Bitcoin has experienced a significant downturn, losing nearly 28% of its value in November, leading to a pervasive sense of pessimism among market participants. Recent on-chain data indicates weak institutional demand, contradicting expectations of long-term accumulation in the cryptocurrency market.

Bitcoin has reached a critical juncture as it breaks down from a rising wedge pattern, leading to a significant price drop into a key support zone. This decline marks Bitcoin's first major post-all-time high drawdown of over 33%, a level historically associated with increased volatility and prolonged weakness in the market.

Peter Schiff warns that the current trend of Bitcoin holders, referred to as 'weak hands,' selling their assets at the first sign of trouble will exacerbate market selloffs. This lack of conviction among new investors is likely to lead to increased volatility and deeper market drawdowns as they react to price fluctuations.

Bitcoin, Ether, and Solana exchange-traded funds (ETFs) have experienced a notable rebound with strong inflows, signaling a positive shift in investor sentiment. This comes after a period of significant outflows and market volatility, particularly for Bitcoin, which had seen fluctuations around $90,000. The renewed interest in these cryptocurrencies indicates a potential recovery in the market.

Strategy, a business intelligence firm founded by Michael Saylor, has disclosed its current Bitcoin holdings of approximately $54.59 billion, raising questions about the potential need to sell these assets amid market volatility. Recent projections indicate that the company's financial stability is under scrutiny as Bitcoin prices fluctuate significantly.

Bitcoin miners are currently facing a significant profit crunch as the price of Bitcoin has dropped over 20% this month, reaching a low of approximately $86,610. This decline has resulted in hashprice hitting record lows, severely impacting mining revenues and raising concerns about the sustainability of mining operations.

XRP has experienced a significant decline, dropping to $1.81, its lowest price since April, as Bitcoin's weakness continues to exert downward pressure on altcoins. Technical indicators suggest that XRP is oversold, but a recovery requires a break above the $1.96 level to reverse the current trend.