Bitcoin's drop below $61,000 has led to more than $500 million worth of liquidations in the past 24 hours.
More than 155,000 crypto traders have been liquidated in the past 24 hours.
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Posted October 2, 2024 at 12:41 AM ET.
A historically positive month for Bitcoin got off to an icy start, with the cryptocurrency's market capitalization declining 3.29% to $2.16 trillion in the past 24 hours.
Bitcoin briefly fell below the $61,000 level, but has recovered to around $61,605 at the time of writing. Investors looked like this BTC trading Demand for physical gold has increased as global markets have become cautious due to the escalating conflict in the Middle East.
The drop in prices also caused large-scale liquidations across the crypto market. data from coin glass According to , $525 million was liquidated across major crypto exchanges in the past day, of which $448 million was liquidated from long positions alone.
Bitcoin saw $139 million worth of liquidations, followed by Ethereum with $109 million worth of liquidations. In total, over 155,000 traders were liquidated, with the single largest liquidation order being placed on the BTC/USDT pair on Binance worth $12.66 million.
October is typically marked by outperformance, with Bitcoin's monthly return averaging 20.69% over the past 10 years. In fact, 2014 and 2018 were the only years in which Bitcoin ended in the red in October.
This phenomenon has come to be known as an “uptober,” but recent price movements have market participants wondering whether this month will mimic previous trends or take a different course.
Until the decline, sentiment in the crypto market was largely positive. Market intelligence platform Santiment noticed Crowd sentiment toward Bitcoin has been particularly bullish until this week.
“When everyone is feeling euphoric, it often signals that prices are too high and the market is ripe for a pullback,” sentiment analysts said in a recent report. . blog post.
