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Mass liquidations hit 100,000 traders as crypto market declines

Mass liquidations hit 100,000 traders as crypto market declines

GrafaGrafa2024/10/04 02:10
By:Mahathir Bayena

On October 3, 2024, Bitcoin (CRYPTO:BTC) briefly dipped to an intraday low of $59,860 before recovering slightly above $60,000 by early afternoon.

The cryptocurrency market as a whole has faced a downturn, with Bitcoin dropping 2.8% over the last 24 hours and the broader market declining by 3.82%, bringing the total market value to $2.09 trillion.

The market sell-off has led to significant liquidations, impacting over 100,000 traders.

In the past 24 hours, $295.34 million worth of positions have been liquidated, with $246.78 million from long positions alone.

Bitcoin accounted for $44.92 million of these losses.

According to data from Coinglass, 104,856 traders were liquidated during this period.

Amid this downturn, global trading volume reached $121.25 billion, with $88.32 billion of it concentrated in stablecoins.

This suggests traders are seeking safety in more stable assets as market uncertainty grows.

Bitcoin's market capitalization now stands at $1.191 trillion, making it the tenth most valuable asset globally, slightly ahead of Berkshire Hathaway.

Contributing to this volatility is the ongoing conflict in the Middle East, which has affected global financial markets, including cryptocurrencies.

Bitcoin’s role as a hedge against turmoil is under scrutiny, with some viewing it as digital gold, while others see it as too speculative during times of uncertainty.

Despite its earlier recovery, Bitcoin dipped below the $60,000 level again shortly after 1 p.m. on October 3.

At the time of reporting, the Bitcoin price was $61,157.72.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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