fxs_header_sponsor_anchor

Altcoins lead crypto market crash as liquidations hit $73 million

  • Bitcoin price has dropped for third consecutive day, triggering a flurry of liquidations.
  • The total liquidations in the last 24 hours hit nearly $73 million.
  • Altcoins like Bitcoin SV, Bitcoin Cash and Aave are leading the collapse.

Bitcoin (BTC) price shot up nearly 10% between September 27 and October 2 and created a local top at $28,613. This move caused many altcoins to pause their downtrend and trigger a bullish breakout, but the last two days have proven that investors need to be cautious. 

Also read: Bitcoin Weekly Forecast: BTC recovery rally could be bull trap in disguise, here’s why

Crypto market takes a hit 

The sudden spike in Bitcoin (BTC) price was no doubt alluring, but the sudden reversal knocked BTC down by 5.21%. This caught greedy bulls off guard, leading to liquidations worth $73 million in the last 24 hours, according to CoinGlass. 

Crypto liquidations 

Investors panic-sell altcoins

Bitcoin SV (BSV) price has shed nearly 10% in the last 24 hours, followed by Aave (AAVE) and Bitcoin Cash (BCH), which have lost 7% and 5.60%, respectively. 

Also read: Bitcoin SV price rises by 30% in a day as CEO resigns amid controversy

Out of the $73 million liquidations, only $11.28 million came from Bitcoin longs, while the rest of the liquidations came from altcoins.

With a disappointing start to the first Ethereum futures ETF, it makes sense that ETH liquidations hit a whopping $6.77 million. 

Read More: Ethereum ETFs fail to live up to hype: combined trading volume amounts to just $1.7 million

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.