👉⚠️ Just like traditional stocks, the cryptocurrency market is feeling the pressure from unsettling news impacting stock prices. Investors hoping for a bullish start to October were disappointed as both cryptocurrency and stock markets fell sharply at the opening bell.
Data from CoinGlass shows significant outflows from major crypto assets, including Bitcoin, Ethereum, and Solana, indicating that sellers currently outweigh buyers in the market. This correction in Bitcoin's price led to liquidations totaling $541.16 million, predominantly from long trades, which accounted for $467.30 million.
In the last 24 hours, 160,712 traders have been liquidated due to increased market volatility, marking the largest liquidation event since early September. The recent Bitcoin price drop mirrors earlier declines in April and July, when Middle Eastern tensions similarly impacted crypto asset values.
Given the ongoing conflict and unpredictable market conditions, Bitcoin is likely to test lower price levels. The total cryptocurrency market value has fallen to $2.25 trillion, a decrease of 6.2% in the last 24 hours. Bitcoin (BTC) dropped by 3.73%, while Ethereum (ETH) fell by 6.52%. After hitting a daily low of $60,164, Bitcoin is now trading at $61,640. Moreover, Bitcoin has been testing the critical support level of $60,000 for the past two days. If it slips below this level, the BTC/USDT pair could decline to the $58,000 to $55,000 range. Meanwhile, Ethereum is trading near $2,500.