{"id":87161,"date":"2023-11-17T11:03:45","date_gmt":"2023-11-17T09:03:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87161"},"modified":"2025-09-13T10:01:20","modified_gmt":"2025-09-13T07:01:20","slug":"bitcoin-slips-below-36000-as-avax-and-near-outpace-the-correction","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-slips-below-36000-as-avax-and-near-outpace-the-correction\/","title":{"rendered":"Bitcoin slips below $36,000 as AVAX and NEAR outpace the correction"},"content":{"rendered":"

Overnight on 16\u201317 November, Bitcoin’s price dragged most altcoins into the red zone, with the exception of AVAX and NEAR.<\/p>\n

The ‘yo-yo’ dynamics<\/strong><\/h2>\n

Just about a day earlier, Bitcoin was again testing local highs near $38,000, before later sitting at the lower edge of the resistance line.<\/p>\n

\\\"\u0411\u0438\u0442\u043a\u043e\u0438\u043d
15-minute BTC\/USDT chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

Such dynamics illustrate the asset’s high volatility. The two-day roller-coaster moves led to liquidations of about $340 million, according to Coinglass<\/a>.<\/p>\n

\\\"\u0411\u0438\u0442\u043a\u043e\u0438\u043d
Daily liquidation volume on the crypto market. Data: Coinglass.<\/figcaption><\/figure>\n

Ethereum fell 4% in 24 hours to $1,980. Even a modest uptick on news about the BlackRock’s spot ETF application<\/a> on the asset did not offset the impact of the leading cryptocurrency’s decline.<\/p>\n

Native Solana (SOL) and Chainlink’s own token (LINK) fell by 12.6% and 7.4%, respectively.<\/p>\n

\\\"\u0411\u0438\u0442\u043a\u043e\u0438\u043d
Movements of the largest assets by market capitalization. Data: CoinGecko<\/a>.<\/figcaption><\/figure>\n

On November 16, the US Securities and Exchange Commission delayed<\/a> decisions on spot Bitcoin-ETFs<\/a> filings from Hashdex and Grayscale. Analysts at K33 noted<\/a> that the regulator’s lack of response this week could stall the crypto market’s momentum until the next deadline at the start of 2024.<\/p>\n

Standout performers<\/strong><\/h2>\n

Against the backdrop of the broader decline, the Avalanche (AVAX) token showed impressive resilience. While Bitcoin declined, the asset moved higher, rising 5.3%.<\/p>\n

\\\"\u0411\u0438\u0442\u043a\u043e\u0438\u043d
15-minute AVAX\/USDT chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

At the time of writing, AVAX was trading at $22.83, up more than 76% over the week.<\/p>\n

Likely, the asset drew strength from Avalanche’s inclusion in the Monetary Authority of Singapore’s tokenisation initiative, Project Guardian.<\/p>\n

Additionally, JPMorgan’s subsidiary Onyx Digital Assets tested<\/a> portfolio management using Avalanche and Provenance app chains appchains<\/a>, which could also have served as a catalyst for AVAX.<\/p>\n

NEAR Protocol likewise did not react to the correction \u2014 in 24 hours, the NEAR token gained 8%, and more than 30% over the week. At the time of writing, the Layer-1 blockchain’s token was trading at $1.87.<\/p>\n

\\\"\u0411\u0438\u0442\u043a\u043e\u0438\u043d
15-minute NEAR\/USDT chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

The asset showed positive momentum against the backdrop of Nearcon. On the conference, developers spoke about a new governance system for the protocol, presented a multi-chain system, and announced new collaborations with Polygon and LayerZero.<\/p>\n

Earlier, JPMorgan described<\/a> the crypto rally as ‘excessive’, capable of reversing sharply after the anticipated approval of a Bitcoin ETF.<\/p>\n","protected":false},"excerpt":{"rendered":"

Overnight on 16\u201317 November, Bitcoin’s price dragged most altcoins into the red zone, with AVAX and NEAR the exceptions.<\/p>\n","protected":false},"author":1,"featured_media":87162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1413,18,1216,1150],"class_list":["post-87161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-avalanche-avax","tag-bitcoin","tag-near-cryptocurrency","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=87161"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87161\/revisions"}],"predecessor-version":[{"id":87163,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87161\/revisions\/87163"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/87162"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=87161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=87161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=87161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}