Why is the crypto market down today? By Cointelegraph

HostArmada - Affordable Cloud SSD Web Hosting

Price action across the crypto market remains tilted to the downside as investors and money managers begin to digest the potential fallout if the United States Securities and Exchange Commission chooses to delay the current spot (BTC) exchange-traded fund (ETF) applications on Nov. 17.

Cryptocurrency market performance, 1-day chart: Coin360

Market sentiment boomed due to optimism about a potential spot Bitcoin ETF approval happening in November. The euphoria helped to send Bitcoin price to an 18-month high above $38,000. However, the euphoria seems to be easing, with BTC price dropping nearly 2% for the week of Nov. 17.

Bitcoin historical returns by month. Source: Newhedge
Crypto market liquidations. Source: Coinglass