CandleFocus Bitcoin Plunge Causes $450M in Bullish Crypto Bets Liquidated
2024-10-02
Author: Content Editor
The cryptocurrency market experienced a significant decline as geopolitical tensions put pressure on the market. Over $450 million in bullish crypto bets were liquidated, with bitcoin and other major tokens seeing losses of up to 8%. Bitcoin traders lost over $122 million, while ether bets lost nearly $100 million. Smaller altcoins recorded over $85 million in liquidations, the highest since July. The liquidations suggest market extremes and potential overreactions in market sentiment. The decline in global equities and risk assets, including bitcoin, was triggered by tensions between Iran and Israel. However, despite the drop, October historically favors BTC, and traders remained bullish, targeting $70,000 for BTC in the coming weeks.
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