Nearly $300 Million in Liquidations as Bitcoin (BTC) Plunge for Over $3,000

BTC’s inability to break its own all-time high has led to a massive rejection that pushed it south to below $69,000 earlier today.

Altcoins have followed suit, hurting over-leveraged traders, with more than 90,000 market participants getting ripped off in the last day.

Bitcoin/Price/Chart 01.11.2024. Source: TradingView

The mainstream cryptocurrency was on a roll this week, perhaps fueled by massive net inflows into the 11 Bitcoin ETFs in the U.S. at the time. As reported yesterday, October 30 was the second best day for financial products in terms of net inflows since its inception in mid-January.

The rally culminated on Tuesday with a rise of $73,600, which meant that bitcoin had come just $150 away from hitting a new all-time high.

While the community expected this to happen anytime, BTC rallied slightly to $72,000 on Wednesday and Thursday before plunging hours ago.

It went from the aforementioned level to less than $69,000 in minutes, losing over three grand in the process. For now, it has regained some ground, but is still well below $70,000.

Many altcoins have suffered even more over the past day, with ETH and SOL each shedding 5%. The two largest meme coins, DOGE and SHIB, are down 7.5% and 6.2%, respectively.

The cumulative market cap of all crypto assets has dropped roughly $100 billion since yesterday and is now below $2.450 trillion.

This increased volatility has resulted in more than 90,000 traders getting busted in the last day. The total value of liquidated positions is up to $280 million, according to CoinGlass. The largest position destroyed took place on Binance and was worth more than $11 million.

Liquidation heat map. Source: CoinGlass SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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