Wednesday

Bitcoin

Million

BTC’s inability to break its own all-time high has resulted in a massive rejection that pushed it south hard to under $69,000 earlier today.
The altcoins have followed suit, which has harmed over-leveraged traders, with more than 90,000 such market participants getting wrecked in the past day.
<figure id="attachment_368677" aria-describedby="caption-attachment-368677" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-368677" src="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD.png" alt="Bitcoin/Price/Chart 01.11.2024. Source: TradingView" width="3030" height="1478" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD.png 3030w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-300x146.png 300w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-1024x499.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-768x375.png 768w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-1536x749.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-2048x999.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-50x24.png 50w" sizes="(max-width: 3030px) 100vw, 3030px"></a>
 <figcaption id="caption-attachment-368677" class="wp-caption-text">
 Bitcoin/Price/Chart 01.11.2024. Source: TradingView
 </figcaption>
</figure>
The primary cryptocurrency was on a roll this week, perhaps driven by the massive net inflows into the 11 US-based spot Bitcoin ETFs. As <a href="https://cryptopotato.com/blackrocks-ibit-bitcoin-etf-sees-historic-872m-inflows-surpassing-previous-highs/" data-wpel-link="internal" rel="noopener noreferrer nofollow">reported</a> yesterday, October 30 was the second-best day for the financial products in terms of net inflows since their inception in mid-January.
The rally culminated on Tuesday with a surge to $73,600, which meant that bitcoin had come just $150 away from tapping a new all-time high.
While the community was expecting this to occur at any moment, BTC <a href="https://cryptopotato.com/bitcoin-dominance-skyrockets-to-3-5-year-high-as-btc-maintains-72k-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">retraced slightly</a> to $72,000 on Wednesday and Thursday before it dumped hard hours ago.
It went from the aforementioned level to under $69,000 in minutes, losing over three grand in the process. As of now, it has recovered some ground, but it is still well below $70,000.
Many altcoins have suffered even more in the past day, with ETH and SOL dumping by 5% each. The two largest meme coins – DOGE and SHIB – have slumped by 7.5% and 6.2%, respectively.
The cumulative market cap of all crypto assets is down by approximately $100 billion since yesterday and is beneath $2.450 trillion now.
This enhanced volatility has resulted in more than 90,000 traders being wrecked in the past day. The total value of liquidated positions is up to $280 million, according to CoinGlass. The single-largest wrecked position took place on Binance and was worth over $11 million.
<figure id="attachment_368678" aria-describedby="caption-attachment-368678" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-01-094521.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-368678" src="https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-01-094521.png" alt="Liquidation Heat Map. Source: CoinGlass" width="2732" height="872" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-01-094521.png 2732w, https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-01-094521-300x96.png 300w, https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-01-094521-1024x327.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-01-094521-768x245.png 768w, https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-01-094521-1536x490.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-01-094521-2048x654.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-01-094521-50x16.png 50w" sizes="(max-width: 2732px) 100vw, 2732px"></a>
 <figcaption id="caption-attachment-368678" class="wp-caption-text">
 Liquidation Heat Map. Source: CoinGlass
 </figcaption>
</figure>
The post <a href="https://cryptopotato.com/nearly-300-million-in-liquidations-as-bitcoin-btc-dumped-by-over-3k/" rel="noopener noreferrer nofollow">Nearly $300 Million in Liquidations as Bitcoin (BTC) Dumped by Over $3K</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Nearly $300 Million in Liquidations as Bitcoin (BTC) Dumped by Over $3K

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