The crypto market experienced a sharp downturn, losing approximately $170 billion in capitalization. This selloff caught many investors by surprise.
Key Market Movements and Liquidations
Bitcoin saw a 3.85% decrease in value over a 24-hour period, reaching $106,500. Total liquidations across the market exceeded $990 million. A significant portion of these liquidations, amounting to $895 million, stemmed from long positions. Bitcoin accounted for the largest share of these liquidations at $394 million, followed by Ethereum with $183 million.
Market Context and Influencing Factors
This market decline occurred despite a more neutral stance from the Federal Reserve following an October rate cut of 0.25%. The Fed stopped short of confirming any further reductions. The selloff also coincided with a series of meetings between the U.S. and China in Seoul. While these meetings were described as "constructive" and raised expectations, they did not yield any concrete outcomes.
Total Market Cap and Support Levels
The total cryptocurrency market capitalization fell to $3.59 trillion, representing a 4.2% decrease from the previous session. Analysts have identified Bitcoin's key support zone to be between $105,000 and $106,000.
The information presented in this article is for informational purposes only and should not be interpreted as investment advice. The cryptocurrency market is highly volatile and may involve significant risks. We recommend conducting your own analysis.