Cryptocurrencies continued their decline for the third consecutive session on Friday, November 21st, amid ongoing sell-offs and a continued drop in market capitalization. This decline coincided with a decrease in risk appetite in global markets, from stocks to cryptocurrencies. The cryptocurrency fear and greed index rose to 11 points, its lowest reading since April.

Global financial markets have been risk-averse since the start of the week, with US indices continuing their decline amid growing concerns about the technology and artificial intelligence sectors. Markets are increasingly worried about the high valuations of these sectors, coupled with a decrease in expectations for a Federal Reserve interest rate cut in December. As of Friday, the CME FedWatch tool is pricing in a 43% probability of a 25-basis-point rate cut in December. The combined market capitalization of cryptocurrencies, according to Coingeko, which tracks over 17,000 digital currencies, fell by approximately 9.1% on Friday, trading at $2.92 trillion. This represents a loss of over $1.2 trillion since October 10th, after having surpassed $4 trillion.

Continued outflows from Bitcoin ETFs, coupled with losses on leveraged bets, are fueling panic in cryptocurrency markets. Figures show that over $2 billion was liquidated from leveraged positions on Thursday alone, according to CoinGlass data. A group of 12 ETFs saw outflows of $903 million on Thursday, the largest single outflow since their launch in January 2024. Bitcoin is trading at $82,958, down about 9.33% in midday trading, with its market capitalization falling to $1.654 trillion, its lowest level since April. It is on track to lose nearly 23% in November, its biggest monthly decline since June 2022. Ethereum, the second-largest cryptocurrency, is down about 9.74%, trading at $2,710, with a market capitalization of $327 billion, its lowest level in four months.

XRP (Ripple), the fourth-largest cryptocurrency by market capitalization, is down about 10.03% today, trading at $1.89 with a market capitalization of $114 billion.

Dogcoin is down about 12.52%, trading at $0.1384 with a market capitalization of $20 billion. Cardano is down about 12.40%, trading at $0.4051 with a market capitalization of about $14 billion.

Solana is down about 11.33%, trading at $125 with a market capitalization of $70 billion. TRON is down 3.33%, trading at $0.2764 with a market capitalization of $26 billion.