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Tom Lee cites three possible reasons behind crypto selloff: Huang, Anthropic, Binance

BitMine Chairman Tom Lee (톰 리) laid out three possible explanations for the recent sharp drop in the cryptocurrency market: margin calls linked to a slide in AI and semiconductor stocks, investors raising cash ahead of Anthropic’s IPO, and the after-effects of a $6.3 billion Binance hack in late October. He also cited AI-related cybersecurity risks and possible tighter U.S. chip sales restrictions on Asia, including China, while stressing these were not confirmed causes.

Crypto

Bitcoin hits 4-month low, rebounds to reclaim $65,000

Bitcoin reclaimed the $65,000 level on Nov. 15 after slipping below $62,000 the previous night to its lowest since July, The Defiant reported. On Coinbase, it fell to $61,946 at 8:45 p.m. Eastern time on Nov. 14, with the same low seen on Bitstamp. It later rose to $65,330. The low was 27 percent below an Oct. 21 intraday high and about 51 percent below the Oct. 6 record high.

Crypto

USDT market cap falls $6.6 billion in 60 days, bigger drop than after FTX collapse

The market value of stablecoin USDT has fallen by $6.6 billion over the past 60 days, a sign that liquidity in the cryptocurrency market is continuing to shrink. On-chain data analytics firm CryptoQuant said the decline was larger than the outflows seen immediately after the FTX collapse in December 2022. It estimated bitcoin demand fell by 284,000 over the last 30 days, while the Coinbase premium index stayed negative for 30 straight days.