Bitcoin fell sharply on Tuesday, casting a shadow over the highly anticipated 'Uptober'. At around 11 a.m. ET, the price fell to an intraday low of $61,801 on Bitstamp.

Bitcoin Drops, $289 Million in Longs Liquidated Across Crypto Markets

Over the past 24 hours, bitcoin (BTC) has fallen 1.8%, and as of 12:15 p.m. ET, it was trading at $62,600 a unit, bringing its market capitalization to about $1.23 trillion. The 1.8% drop on the day also brought its seven-day performance down to a modest 1.2%.

Despite the slight price increase, BTC still hit a low of $61,801 earlier in the day. This recent drop has caused $62.57 million in bitcoin long liquidations on crypto derivatives markets.

Ethereum (ETH) was not spared either, with $55.9 million in longs wiped out in the same 24-hour period. In total, the crypto derivatives sector saw $350.17 million in liquidated positions over the past day, with longs accounting for $289.05 million. In total, 119,023 traders were liquidated over the past day, according to data from coinglass.com.

As of October 1, the global cryptocurrency market was valued at $2.2 trillion, reflecting a 2.26% decline over the past day. The total global trading volume stood at $112.718 billion, of which bitcoin trading accounted for $40.72 billion.

While trading volume remained strong, it was largely due to selling pressure and profit-taking. Among the top ten cryptocurrencies, the hardest hit on Tuesday were dogecoin (DOGE) and toncoin (TON), down 6.29% and 5.53%, respectively.

What do you think about the cryptocurrency market trading action on Tuesday and bitcoin sliding below the $62,000 region? Share your thoughts and opinions on the topic in the comments section below.
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