Crypto Markets Plunge as $1 Billion in Liquidations Hit
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The cryptocurrency market began the new business week on a sour note, with Bitcoin (BTC) plummeting to a fresh multi-month low of $73,500.
MissedBlock Desk · 2 min read
Crypto Market Suffers Steep Losses as Bitcoin Hits Multi-Month Low
The cryptocurrency market began the new business week on a sour note, with Bitcoin (BTC) plummeting to a fresh multi-month low of $73,500. The leading altcoin, Ether (ETH), fared even worse, narrowly avoiding a fall below the $2,000 mark for the first time since mid-August.
November has proven to be a challenging month for the entire market, which already experienced significant declines at the end of October, exacerbated by a major hack at Binance. Last week saw considerable volatility following the US midterm elections. Bitcoin initially dropped from $78,000 to $75,600, then surged to $81,000, only to be rejected and subsequently fall below $75,000.
The cryptocurrency saw a weekend rebound, maintaining relative stability around $76,000 despite geopolitical tensions between the US and Iran. However, fluctuations resurfaced on Monday morning, with bearish sentiment taking hold. Hours ago, BTC crumbled to its lowest point since the mid-August breakout rally, reaching $73,500. While it has since recovered some ground, it remains below $74,500.
Most altcoins have mirrored Bitcoin’s downward trend with even steeper declines. Ether fell below $2,100, while XRP traded at $1.09 as of press time, having dipped to $1.06. PI has hit a new all-time low, and RAY, ASTER, STX, and LIT have each seen losses of 6% or more.
These sharp market movements have significantly impacted over-leveraged traders. Data from CoinGlass indicates that over 155,000 traders have been liquidated in the past 24 hours, with the total value of liquidated positions exceeding $1 billion. Long positions accounted for the majority of these liquidations, totaling over $930 million.
Ether has been one of the most volatile assets today, with liquidated longs leading the pack at $455 million, surpassing Bitcoin. The largest single liquidation also involved Ether, a massive position worth nearly $50 million that occurred on Binance.