{"id":91314,"date":"2025-11-23T18:30:06","date_gmt":"2025-11-23T15:30:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=91314"},"modified":"2025-11-23T18:37:30","modified_gmt":"2025-11-23T15:37:30","slug":"week-in-review-bitcoin-revisits-april-lows-and-a-major-cloudflare-outage","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/week-in-review-bitcoin-revisits-april-lows-and-a-major-cloudflare-outage\/","title":{"rendered":"Week in review: Bitcoin revisits April lows and a major Cloudflare outage"},"content":{"rendered":"

The leading cryptocurrency slipped to $82,000, Cloudflare glitches spotlighted Web3<\/a> vulnerabilities, Nvidia\u2019s quarterly results beat forecasts, and other events of the week.\u00a0<\/p>\n

Six-month low<\/h2>\n

Over the past seven days bitcoin accelerated its decline, testing levels last seen in April.\u00a0<\/p>\n

On Monday the asset opened near $95,000, then ebbed lower in waves. By Thursday prices had already fallen below $85,000.<\/p>\n

On Friday, 21 November, the correction hit bottom<\/a> around $81,700 \u2014 the lowest since April.\u00a0<\/p>\n

\"image\"
Hourly BTC\/USDT chart on Binance. Source: TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n

That day, 24-hour crypto liquidations exceeded<\/a> $2bn. Realised losses simultaneously reached levels unseen since the FTX collapse<\/a>.\u00a0<\/p>\n

\"image\"
Source: X.\u00a0<\/figcaption><\/figure>\n

By Sunday evening, digital gold had recovered to $86,500. The weekly drop was about 10%.<\/p>\n

The asset\u2019s market capitalisation fell to $1.72trn, with the overall crypto market at $3.04trn.<\/p>\n

As bitcoin dominance remains high (56.8%), other coins followed its lead. All ten largest cryptocurrencies fell by 7-10%.\u00a0<\/p>\n

\"image\"
Source: CoinGecko<\/a>.<\/figcaption><\/figure>\n

Ethereum sank to $2,800, briefly touching $2,600. BNB trades around $850, Solana at $130.\u00a0<\/p>\n

The Fear and Greed Index<\/a> stands at 13, signalling extreme fear.\u00a0<\/p>\n

\"image\"
Source: alternative.me<\/a>.<\/figcaption><\/figure>\n

Kronos Research\u2019s chief investment officer Vincent Liu noted the correction was tied to stronger-than-expected US jobs data<\/a> for September. It was due for release in early October but delayed by the government shutdown.\u00a0<\/p>\n

The country added 119,000 new jobs \u2014 the biggest jump since December. Unemployment rose to 4.4%, explained by growing labour supply.\u00a0<\/p>\n

The report dented bullish expectations for the Fed<\/span> in December. The regulator will have to decide based on less current data \u2014 October and November fell out of the statistics.<\/p>\n

Investors put the odds of continued easing at 71%. At the start of the month, that stood at 98%.\u00a0<\/p>\n

\"image\"
Source: CME FedWatch<\/a>.\u00a0<\/figcaption><\/figure>\n

An internet outage<\/h2>\n

On 18 November a major outage occurred<\/a> at provider Cloudflare. The incident disrupted numerous sites and apps, crypto-related ones included.<\/p>\n

\"image\"
Reports of Cloudflare outages. Source: Downdetector.\u00a0<\/figcaption><\/figure>\n

Among those affected were social network X, OpenAI\u2019s website, music service Spotify, Amazon Web Services, ride-hailer Uber, video game League of Legends and others. At least 20% of all internet traffic was affected.<\/p>\n

\"image\"
Source: Downdetector.\u00a0<\/figcaption><\/figure>\n

In crypto, problems hit exchange Coinbase, L2<\/a> network Base<\/a>, online broker Robinhood and trading platform BitMEX.<\/p>\n

Wallet provider Ledger and its services also ran into issues. According to the company\u2019s analytics resource, the situation affected several blockchains, including TON, Cardano<\/a> and Filecoin<\/a>.\u00a0<\/p>\n

\"image\"
Source: Ledger.\u00a0<\/figcaption><\/figure>\n

In the wake of the outage, Cloudflare Inc (NET) shares fell from $208 to $187 over the week.<\/p>\n

\"image\"
Source: MarketWatch<\/a>.<\/figcaption><\/figure>\n

According to an EthStorage representative, the provider\u2019s malfunction highlighted<\/a> crypto projects\u2019 dependence on centralised internet infrastructure.<\/p>\n

He argued the incident proved the need for end-to-end decentralisation \u2014 from blockchain to user interface and data storage. Many projects rely on centralised DNS<\/span>, API<\/span> and cloud storage, making infrastructure vulnerable.<\/p>\n

\n

\u201cDecentralising blockchains through consensus, a robust validator set and smart contracts is necessary, but it represents only one side of the equation. True resilience requires rethinking the entire stack, not just the distributed-ledger layer,\u201d the expert noted.\u00a0<\/p>\n<\/blockquote>\n

The Filecoin blockchain team said the Cloudflare outage \u201cdemonstrated how much traffic passes through a handful of centralised networks\u201d.\u00a0<\/p>\n

What to discuss with friends?<\/h2>\n
    \n
  • Bitcoin advocate Robert Kiyosaki sold<\/a> coins worth $2.25m.<\/li>\n
  • Experts predicted<\/a> rising laptop and smartphone prices amid the AI boom.<\/li>\n
  • Mt.Gox moved<\/a> $953m in bitcoin.<\/li>\n
  • Kraken raised<\/a> $800m at a $20bn valuation ahead of an IPO.<\/li>\n<\/ul>\n

    95% mined\u00a0<\/h2>\n

    On 17 November, bitcoins mined surpassed 19.95m BTC \u2014 95% of the programmed limit of 21m BTC.\u00a0<\/p>\n

    \"image\"
    Source: X<\/a>.<\/figcaption><\/figure>\n

    Although most of the cryptocurrency is already in circulation, the last 5% (about 1.05m BTC) will be mined slowly \u2014 roughly 115 years, until 2140.\u00a0<\/p>\n

    Bitcoin\u2019s issuance slows with every halving<\/a>. The next reward cut for miners will occur roughly in April 2028.\u00a0<\/p>\n

    \"image\"
    Source: CoinGecko<\/a>.<\/figcaption><\/figure>\n

    Structural change has already shown up in mining metrics. Its difficulty<\/a> sits near all-time highs. At the latest retarget on 12 November, the figure reached 152.27 T.\u00a0<\/p>\n

    \"image\"
    Source: CloverPool<\/a>.<\/figcaption><\/figure>\n

    Experts explain the importance of digital gold\u2019s \u201ccoming of age\u201d and mining\u2019s role in it in our feature<\/a>.\u00a0<\/p>\n

    Meanwhile, bitcoin miners\u2019 fee income fell<\/a> to a 12-month low.<\/p>\n