Coinspeaker Crypto Market Plunges 6%, $556M Liquidated in 24 Hours
For all the eagerness and anticipation that saturated the crypto market leading up to ‘Uptober’, what is currently playing was not the least bit expected. The crypto market cap is down 6% after more than half a billion crypto positions have been liquidated.
Crypto Market Fairly Cautious, Here’s Why
From all indications, the current condition in the market is a result of the escalating geopolitical tension in the Middle East. Iran and Israel are having a go at it after the former launched ballistic missiles at key Israeli locations. Though Israel has yet to retaliate, the nation has promised a decisive response in the coming days.
This air of uncertainty has now rattled the crypto market so much that it has dipped 6% to $2.24 trillion as of press time.
CoinGlass data details the extent of the liquidations showing that at least $556 million worth of futures contracts were liquidated in the past 24 hours.
While that happened, Bitcoin BTC $60 850 24h volatility: 0.8% Market cap: $1.20 T Vol. 24h: $42.97 B , Ethereum ETH $2 355 24h volatility: 4.2% Market cap: $283.55 B Vol. 24h: $21.97 B , and Solana SOL $137.4 24h volatility: 6.2% Market cap: $64.36 B Vol. 24h: $3.89 B all also saw liquidations worth over $143 million, $119 million, and $20 million, respectively.
According to CoinGlass, a total of 105,849 traders were liquidated in the past 24 hours. The largest single liquidation order also came in on Binance’s ETHUSDT pair at a value of $12.24 million.
Bullish Sentiment Remains Intact
As earlier mentioned, there is so much optimism around the month of October. More so, as it relates to crypto prices and the general state of the market.
However, despite not starting on the positive note that the bulls hoped for, the positivity remains high.
For one, history says well about the month being a bullish one for digital assets. That is, considering that, since 2013, only twice has BTC ever recorded negative returns in the month.
Furthermore, technical analysis from experts also suggests a similarly bullish outlook for October and Q4 2024 in its entirety. One such analysis was captured in a recent report by 10x Research, which submitted that it is very likely that a crypto rally happens before the end of the year.
In another report, Bernstein shared very ambitious hopes for Bitcoin but hinged the same on the outcome of the US presidential election. According to Bernstein, should Republican presidential candidate Donald Trump emerge as the winner come November, Bitcoin may rally nearly 30% to $90,000 in Q4 2024.
As of publication, Coinspeaker data showed BTC trading at $60,692 and down 0.75% in the past 24 hours.
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Crypto Market Plunges 6%, $556M Liquidated in 24 Hours
