tl;dr
Bitcoin's failure to surpass its all-time high led to a significant downturn, with over 90,000 over-leveraged traders suffering losses. Despite a promising week and massive inflows into US-based spot Bitcoin ETFs, the cryptocurrency fell from a high of $73,600 to under $69,000. This drop also affect...
BTC's failure to break its all-time high led to a sharp drop, affecting over-leveraged traders and causing significant liquidations in the market.
Bitcoin rallied this week but retraced before experiencing a sudden drop, impacting altcoins as well. The market saw enhanced volatility with over 90,000 traders being wrecked and a total value of liquidated positions reaching $280 million.
Bitcoin's failure to surpass its all-time high led to a significant downturn, with over 90,000 over-leveraged traders suffering losses. Despite a promising week and massive inflows into US-based spot Bitcoin ETFs, the cryptocurrency fell from a high of $73,600 to under $69,000. This drop also affected altcoins, with ETH and SOL dipping by 5% each, and meme coins like DOGE and SHIB slumping by 7.5% and 6.2% respectively. The overall crypto market cap decreased by approximately $100 billion, resulting in over 90,000 traders being "wrecked" in the past day. The total value of liquidated positions reached $280 million, with the largest loss being over $11 million on Binance.
BTC’s inability to break its own all-time high has resulted in a massive rejection that pushed it south hard to under $69,000 earlier today. The altcoins have followed suit, which has harmed over-leveraged traders, with more than 90,000 such market participants getting wrecked in the past day.
The primary cryptocurrency was on a roll this week, perhaps driven by the massive net inflows into the 11 US-based spot Bitcoin ETFs. As reported yesterday, October 30 was the second-best day for the financial products in terms of net inflows since their inception in mid-January. The rally culminated on Tuesday with a surge to $73,600, which meant that bitcoin had come just $150 away from tapping a new all-time high. While the community was expecting this to occur at any moment, BTC retraced slightly to $72,000 on Wednesday and Thursday before it dumped hard hours ago. It went from the aforementioned level to under $69,000 in minutes, losing over three grand in the process. As of now, it has recovered some ground, but it is still well below $70,000.
Many altcoins have suffered even more in the past day, with ETH and SOL dumping by 5% each. The two largest meme coins – DOGE and SHIB – have slumped by 7.5% and 6.2%, respectively. The cumulative market cap of all crypto assets is down by approximately $100 billion since yesterday and is beneath $2.450 trillion now. This enhanced volatility has resulted in more than 90,000 traders being wrecked in the past day. The total value of liquidated positions is up to $280 million, according to CoinGlass. The single-largest wrecked position took place on Binance and was worth over $11 million.
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JORDAN LYANCHEV - Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.
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Company: United States Steel Corporation
Business Focus: Manufacturing, Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
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