Why is the crypto market down today? By Cointelegraph

Price action in the crypto market remains trending lower as investors and money managers begin to digest the potential fallout if the U.S. Securities and Exchange Commission chooses to delay the current spot (BTC) applications for exchange-traded funds (ETFs) on November 17.

Cryptocurrency market performance, 1-day chart: Coin360

Market sentiment has soared due to optimism over the potential approval of a spot Bitcoin ETF in November. The euphoria helped send Bitcoin Price to an 18-month high above $38,000. However, the euphoria appears to be fading, with the price of BTC falling almost 2% for the week of November 17.

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