Crypto Market Sees Over $1.23 Billion Liquidated in 24 Hours
The crypto market experienced a sharp downturn, wiping out more than $1.23 billion from trader positions in one day. This selloff erased nearly $270 billion from the total market value and pushed most major cryptocurrencies lower.
Mass Liquidations Impact Traders
According to Coinglass data, over 305,000 traders were liquidated during the drop. Long positions accounted for $918 million of the losses, while short positions made up $310 million.
- The largest single liquidation was an Ethereum trade on Hyperliquid worth $20.4 million.
- Bitcoin liquidations totaled $431 million.
- Ethereum saw $267 million liquidated.
- Solana and XRP faced $89 million and $27 million in liquidations, respectively.
These forced sales triggered a chain reaction, pushing prices lower and causing exchanges to automatically close many leveraged positions.
Bitcoin Falls Below $104,000 Amid Market Selloff
Bitcoin (BTC) dropped 6.6% in 24 hours, falling below $104,000 for the first time in two weeks. This marks its 14th consecutive day of decline, with the overall market down more than 7% over the same period.
Bitcoin’s market cap fell to $2.08 trillion, while its daily trading volume rose 45%, indicating increased selling activity amid rising volatility.
Factors Behind the Market Drop
- Rising U.S.–China trade tensions: On October 16, Donald Trump threatened 100% tariffs on Chinese goods, unsettling global markets.
- ETF outflows: Bitcoin exchange-traded funds saw $536 million withdrawn, the largest single-day outflow since August.
- Wider selling pressure: Bitcoin breaking a key support level triggered further selling as traders exited positions.
Some long-term investors view the dip as a buying opportunity if global conditions improve.
Ethereum and Altcoins Also Decline Sharply
Ethereum (ETH) fell 8.9%, trading near $3,689. Its market cap dropped to $448 billion, with trading volume up 35% as investors pulled back.
Ethereum-focused funds recorded $80 million in outflows this week, including $56 million on October 16. Large wallets moving ETH to exchanges suggest potential selling by big holders.
Analysts expect Ethereum to stabilize between $3,600 and $3,700, a range that has supported it during past pullbacks.
Other major altcoins also fell:
- BNB dropped 12.7% to $1,042.
- XRP declined 9.5% to $2.22.
- Solana (SOL) fell 10.5% to $176.93.
- Cardano (ADA) slid 11.8% to around $0.60, with its market cap at $21.6 billion.
Whale activity increased, especially with XRP, where billions of tokens moved to exchanges. Solana saw over $89 million in liquidations, though some institutional buyers appeared at lower prices.
Market Outlook
The broader crypto market dropped 7.3% in 24 hours and nearly 15% over the week. The Crypto Fear & Greed Index stands at 28, indicating cautious sentiment among traders.
Analysts note that such corrections are common in crypto. The market has recovered from larger losses before. A period of calm could help prices stabilize. Investors remain watchful of global events and capital flows.
