Over 300 Million Liquidated as Bitcoin BTC Sells Off More Than 3K

CoinDesk report:
BTC failed to break its historical high, leading to a massive rejection, causing it to struggle to fall below $69,000 earlier today.
Altcoins followed suit, causing harm to over-leveraged traders, with over 90,000 such market participants suffering losses in the past day.
Bitcoin/Price/Chart 01.11.2024. Source: TradingView
This week, major cryptocurrencies performed well, possibly due to significant net inflows into 11 US physically-backed Bitcoin ETFs. As reported
Yesterday, October 30th was the second-best day for net inflows into financial products since mid-January.
On Tuesday, the rebound peaked at $73,600, meaning Bitcoin was only $150 away from hitting a new all-time high.
Although the community expected this to happen at any time, BTC
slightly retraced
On Wednesday and Thursday, the price dropped to $72,000, before plummeting a few hours ago.
It fell from the above level to below $69,000 within minutes, losing over $3,000 in the process. It has since recovered some lost ground but remains well below $70,000.
Many altcoins suffered greater losses in the past day, with ETH and SOL each dropping by 5%. The two largest meme coins – DOGE and SHIB – fell by 7.5% and 6.2% respectively.
Since yesterday, the cumulative market value of all crypto assets has dropped by around $100 billion, now below $2.45 trillion.
This heightened volatility has resulted in over 90,000 traders going bankrupt in the past day. According to CoinGlass data, the total value of liquidated positions reached as high as $280 million. The largest single loss position occurred on Binance, worth over $11 million.
Liquidation heat map. Source: CoinGlass