Date: Wed, Oct 02, 2024, 06:00 AM GMT
The much-anticipated month of October, often dubbed “Uptober” due to its historical market optimism, started with green candles across the cryptocurrency market. However, the mood quickly shifted to red yesterday as Bitcoin (BTC) and Ethereum (ETH) faced a sharp selloff. The downturn followed escalating geopolitical tensions between Iran and Israel, sparking widespread panic selling in the crypto market.
$524M Wiped Out In Liquidation
In the past 24 hours, Bitcoin saw a significant drop, falling by 3.49% to nearly $60,000. Meanwhile, Ethereum took an even bigger hit, plummeting by over 6%. These losses triggered massive liquidations, particularly for traders holding long positions in anticipation of a strong October based on past market performance.
A staggering $524 million was wiped out in liquidations over the last 24 hour as per CoinGlass. Of this, $452.35 million came from long positions, while $72.20 million was liquidated from short positions. Many traders betting on a bullish start to the month were caught off guard by the sudden market dip.
What’s Next?
While geopolitical tensions are not new to the market, the cryptocurrency space has shown resilience in the past. Bitcoin often recovers after an initial dip caused by global events, and a similar rebound could be on the horizon. With Bitcoin bouncing off from the $60,000 support level to current price of $61,536, we may see a quick recovery in the days ahead but investors must prepare for the volatility ahead.
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