Well, circle your calendars, folks! The cryptocurrency party landed with a thud as $470 million in liquidation waved goodbye to the crypto scene. As if on cue, the altcoins joined Bitcoin in its collective lament when the U.S. market dialled in “open” on Monday. With a dramatic 3.23% plunge, more than $100 billion evaporated in what could best be described as a swirling monetary abyss.
According to CoinMarketCap, Bitcoin’s price took a 3% nosedive from an impressive peak of $110,764 to a humbler $107,000. This thrilling circus of price fluctuations sent altcoins into a free fall, with ETH shuddering 5.8% to $3,680, XRP stumbled 5% to $2.38, BNB wobbled 5.70% to $1,029, and Solana (SOL) making a cringe-worthy 6.5% dive to $174 by 6:50 AM UTC.
Amidst this merry chaos, the cryptoverse has its hands full with Fed rate cuts, Bitcoin whales playing peekaboo with their wallets, and the ever-popular exchange controversy. This time, fingers are pointed at MEXC, where traders animatedly accused the platform of being a financial Bermuda Triangle, threatening to freeze funds. The exchange, donning a brave face, promised they weren’t rogue-validating a so-called proof-of-reserve like it was some kind of financial sacrament.
24-hour liquidation reaches $470 million
CoinGlass reveals a heartwrenching tale of $470 million in 24-hour liquidation, led by ETH with a sorrowful $112 million. BTC, SOL, ASTER, and DOGE followed in mournful procession-what a lovely gathering! Binance emerged victorious in the liquidation race, particularly adept at parting traders from $140 million across long/short positions, while Bybit wasn’t far behind with $110 million.
Hyperliquid, the darlings of decentralized exchanges, didn’t miss out on the liquidation limelight, contributing a substantial $101 million, signaling its burgeoning fame among those weary of centralized exchanges. Quite the revolutionary, that!
Volatility ahead of Monday market opening
The storied Monday market opening in the U.S. teases crypto enthusiasts with its volatility, usually promising less of a dreamy upward dance and more of a do-si-do of downturns. With the markets as tranquil as a suburban Sunday, the only excitement stems from traders double-checking their strategies and making a quick exit. A classic short-term defeat.
Diminishing open interest in Bitcoin futures seems to indicate traders leaving their bets at the door, already itching to regroup as the next episode of the crypto drama unfolds. Of course, one can’t help but pepper their day’s agenda with enthusiasm for Governor Lisa D. Cook’s upcoming speech about the economy and monetary policy, or the FOMC meeting trailing a few days later-because nothing says “relaxing Sunday” quite like worrying about global economic policy! 🤞🏆
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2025-11-03 11:33