**Bitcoin and Ethereum Experience Significant Falls Amid Market Turmoil**
The cryptocurrency market witnessed a substantial downfall, with Bitcoin (BTC) dropping below $69,000 and Ethereum (ETH) falling by more than 6%. The decline also affected the stock market, with leading indices experiencing a 1.8-2.5% drop.
**Historically Bullish October Ends with a Fall**
Despite being the strongest month in history for Bitcoin (BTC), with a gain of over 10%, October ended on a negative note. On Thursday, a significant fall shook the risk assets market, with Bitcoin falling as low as $68,800 at 2 am European time on Friday.
**Altcoins Register Significant Falls**
Several altcoins registered falls of over 10%, with Ethereum (ETH) experiencing a 6% drop, Solana (SOL) a 5% drop, and BNB (BNB) a 2.5% drop. The biggest loser of the day was Immutable (IMX), which fell 15% in the last 24 hours. Memecoins such as DOGE, WIF, and MOG also dropped by 10-12%.
**Stock Market Affected by Cryptocurrency Fall**
The negative sentiment in the cryptocurrency market also affected the stock market, with the S&P 500 gaining 1.8% and the Nasdaq falling by 2.4%. Technology stocks such as Microsoft (MSFT), Nvidia (NVDA), and Apple (AAPL) also experienced significant falls.
**Nearly $300 Million Disappears from the Market**
The fall was caused by the domino-like liquidation of leveraged positions, with $290 million in positions being liquidated in the last 24 hours. Of this, $260 million affected those holding long positions, while 30 million short positions were also closed.
**Traditional Stock Market Affected**
The sudden drop in the cryptocurrency market also affected the traditional stock market, with $953 billion disappearing from the market. The American stock market, which accounts for half of the world’s market capitalization, last experienced a similar plunge at the beginning of September.
**Spot Bitcoin ETF Fails to Save the Day**
Despite the BlackRock spot Bitcoin ETF seeing inflows of nearly $320 million, asset managers such as Fidelity, Bitwise, and Ark combined generated outflows of nearly $250 million. This sudden drop affected the price of Bitcoin (BTC), which is trading at $69,300 at the time of writing.
<p>The post “October Crypto Crash: Bitcoin Falls Below $69,000 Amid Market Selloff” first appeared on CoinBuzzFeed.</p>
