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.
Bitcoin/Price/Chart 01.11.2024. Source: TradingView
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.
Liquidation Heat Map. Source: CoinGlass
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