Bitcoin and Ethereum both saw record liquidations as investors reacted to fears over a trade war, which saw many crypto investors move their money to stablecoins or safer assets... Bitcoin fell by more than 10 per cent to below $110,000, before recovering to $113,096 on Saturday morning. The value of Ethereum slumped by 11.2 per cent to $3,878. Other cryptocurrencies, including XRP, Doge and Ada, fell around 19 per cent, 27 per cent, and 25 per cent in the last 24 hours, respectively.
Bloomberg reports some statistics:
Citing 24-hour data from Coinglass, the report noted that more than $19 billion has been wiped out in the "largest liquidation event in crypto history", which impacted more than 1.6 million traders. It added that more than $7 billion of those positions were sold in less than one hour of trading on October 10. According to data on CoinMarketCap, the cryptocurrency market cap has dived to $3.74 trillion from the record-high $4.30 trillion level, the previous day. Trading volumes as of the market close were recorded at $490.23 billion.
Bitcoin retreated on Friday, as US-China trade tensions reignited, after racing to record highs earlier in the week as persistent rate-cut bets and signs of some cooling in geopolitical tensions helped boost risk. Bitcoin was trading at $105,505.4 on Friday, down 13.15% on the day.
Abstract credit: https://slashdot.org/story/447756
7 Comments
Maeve@kbin.earth · 7 pts · 317d
Going back up rapidly.
dhork@lemmy.world · 6 pts · 317d
Well, yeah, he and his friends already cleaned up in the futures market on the way down, and they will do it again on the way up
Maeve@kbin.earth · 2 pts · 317d
You already know.
dhork@lemmy.world · 5 pts · 317d
Well, yeah, I am waiting to sell my Dogecoin stash at $69
Maeve@kbin.earth · 2 pts · 317d
Good idea. I recommend Xibucks. 😉
Kyrgizion@lemmy.world · 4 pts · 317d
Meanwhile, the price of gold & silver keeps climbing.
pinball_wizard@lemmy.zip · 2 pts · 317d
So...BitCoin is now following "odds that there will be anything left to buy in a year".
That is... uncomfortable.