Crypto market bloodbath just erased $60 billion in an hour
In this news:
Key takeaways
- The cryptocurrency market cap dropped by 60 billion dollars within a single hour.
- Ethereum and Bitcoin traders suffered the heaviest losses from the liquidation wave.
Market-wide crypto crash erases billions
Late on October 6, the cryptocurrency market suffered a sudden bloodbath that dropped the total valuation of digital assets from $2.88 trillion to $2.82 trillion within a single hour, a $60 billion wipeout.
Zooming out, the losses grow even larger with the drop between the Tuesday $2.92 trillion high and press time on Wednesday, October 7, amounting to $100 billion.
Additionally, CoinGlass data shows that, within the last 24 hours, as many as 106,952 were ‘rekt’ with liquidations – the majority of which held long positions – amounting to $608.34 million.
Furthermore, out of the daily total, as much as 86.69% – $527.39 million – occurred within the previous 12 hours. Ethereum (ETH) traders were the most affected – $209.89 million – and Bitcoin (BTC) was close behind at $138.88 million.
Top cryptocurrencies drop across the board
Looking at the price action of individual cryptocurrencies, BTC fell 2.19% – by nearly $1,900 – within the previous 12 hours to $83,665, and ETH suffered a 4.33% crash from $2,697.37 to $2,580.68.
XRP fared somewhat better, having fallen 3.09% from $1.50 to $1.45, and Solana (SOL) slid 2.57% from $120.80 to $117.69 within the same timeframe.
Notably, in the case of all four cryptocurrencies, the crash proved sudden but short-lived, and the prices appear to have stabilized by press time on October 7, albeit universally in lower ranges.
Analysts react to the sudden dip
Meanwhile, some prominent on-chain experts appear to believe the latest bloodbath is just a temporary correction ahead of a continued rally.
For example, Ali Martinez published an X post on Wednesday morning regarding Bitcoin’s price action, urging his followers to ‘buy the dip.’
This particular recommendation appears tied to a Tuesday thread which highlighted significant ‘whale’ accumulation and BTC finding a support zone between $83,300 and $84,600 as signs of a bullish setup.
With Bitcoin remaining above the lower bound of the support, Martinez appears to consider a breakout above $86,700 plausible in the foreseeable future, as well as the subsequent expected upsurge to approximately $105,000 – 25.50% above the press time price of $83,665.
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