On November 7, news came that cryptocurrency has erased almost all of this year's market capitalization gains in just over a month, according to Bloomberg. Data from CoinGecko shows that on October 6, the total market capitalization of all cryptocurrencies reached a record nearly $4.4 trillion, but has since fallen by 20%, leaving this asset class with a gain of only 2.5% so far this year. This market downturn began just days after hitting an all-time high, when approximately $19 billion in leveraged positions were suddenly closed, severely undermining market confidence, and traders have shown little sign of betting on a rebound. So far this week, Bitcoin has fallen by 8%, on track for its worst weekly performance since March. In the process, Bitcoin fell below the 200-day moving average, a widely watched support level that has been effective since the bear market of 2022. Despite the recent wave of selling sweeping broadly, the deepest declines have been concentrated in altcoins—smaller and more volatile tokens—which have performed notably poorly this year. Augustine Fan, a partner at SignalPlus, stated: "Apart from Bitcoin and Ethereum, the crypto market has been on the defensive for months. New funds flowing into altcoins or DeFi projects are scarce. Due to the recent lack of catalysts and ongoing concerns about security and regulation, mainstream participation may remain weak."