Happy Friday!

Bitcoin has now officially lost over $40,000 from its highs, and traders are starting to wonder: is now the time to start buying?

Tom Lee says the massive crypto dump was not macro, it was ‘a software bug.’ Uhm…a software bug?

Plus, Benzinga Pro’s AI, scanners and exclusive newsfeed will help you make faster, smarter decisions while everyone else reacts late. Save 50% during our Early Black Friday event. 

TOP STORY

Bitcoin Down Over $40,000 From Its Peak: Is Now The Time To Start Buying?

Bitcoin has collapsed below all bull market support levels, prompting traders to contemplate whether a bottom will soon be established.

Crypto trader Pentoshi, who has avoided calling dip buys throughout the correction, says the latest move is different.

With Bitcoin down roughly $40,000 from the highs and already bouncing 30%, he believes the market is now locally overstretched on the downside.

He isn’t declaring a definitive bottom, but estimates Bitcoin is “within a few percent of one,” identifying the $83,000–$85,000 range as a high-probability bounce zone.

Read the full scoop here.

SPECIAL OFFER

Your Advantage Arrives Early: 50% Off Benzinga Pro

Don’t wait for the rush. Get professional-grade tools now and start seeing the same market-moving stories institutions trade on. Benzinga Pro’s AI, scanners and exclusive newsfeed will help you make faster, smarter decisions while everyone else reacts late. Save 50% during the Early Black Friday event.

Save 50% Now

QUICK N DIRTY

Bitcoin, Ethereum, Dogecoin, XRP are cratering this morning and cannot seem to catch a break: here’s what’s driving markets today.

Ripple is proposing a massive technical upgrade to its blockchain. The only problem: XRP is giving plenty of reasons for concern.

Cardano is down 42% over the past month, and on top of that, it’s facing technical problems: is there any relief?

FINTECH FOCUS

Tom Lee Says Bitcoin, Ethereum Crash Wasn't Macro But A 'Software Bug'

Bitcoin and Ethereum breaking below key support levels has sparked debate over whether fundamentals are to blame — but Fundstrat’s Tom Lee argues the real culprit is far more mechanical.

In an interview with CNBC on Thursday, Lee said crypto has been bleeding ever since a massive Oct. 10 liquidation event crippled major market makers and left liquidity dangerously thin.

According to him, a pricing glitch on one exchange caused a stablecoin to internally wick down to $0.65, which in turn triggered an auto-deleveraging cascade that liquidated nearly two million accounts.

Read the full scoop here.

BEFORE YOU GO

Were you forwarded this email? Click here to subscribe.

And be sure to check out our other newsletters:

Ring The Bell: Created for market enthusiasts by market enthusiasts, this daily newsletter delivers top stories, fast movers and hot trade ideas straight to your inbox. Subscribe here.

Advisor: Tailor-made for Financial Advisors, this weekly newsletter has industry-specific insights, analysis and news. Subscribe here.

Tech Trends: Get the inside scoop on AI, the hottest gadgets and mind-blowing tech trends. Subscribe here.