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Date: Wed, Oct 02, 2024, 06:02 AM GMTThe much-anticipated month of October, often dubbed &#34;Uptober&#34; 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.<h3 id="524m-wiped-out-in-liquidation">$524M Wiped Out In Liquidation</h3>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.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/cc81d0fce38d4020b2f37a6db258a7d4.png" />Source: CoinglassA staggering $524 million was wiped out in liquidations over the last 24 hour as per <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">CoinGlass</a>. 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.<h3 id="what-s-next">What’s Next?</h3>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.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.Also Read: <a href="https://coinsprobe.com/mantra-om-leading-rwa-narrative-despite-bearish-pressure-all-time-high-soon/" rel="noopener noreferrer nofollow">Mantra (OM) Leading RWA Narrative Despite Bearish Pressure: All-Time High Soon?</a>

Bitcoin and Ethereum Drop Amid Geopolitical Tension: $524M Wiped Out In Liquidation

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