The Bitcoin price dropped sharply Tuesday morning at the beginning of a month historically expected to bring in gains for traders.
The price of the largest digital asset now stands at $62,798, CoinGecko shows, after dropping as low as $62,633. In a 24-hour period, it's down nearly 2%.
U.S. equities also experienced a sharp sell-off and the price of oil rose after the White House said it was expecting Iran to attack Israel. Tensions in the Middle East have previously caused sell-offs of "risk-on" assets like crypto and stocks.
In the past day, over $250 million in futures positions have been liquidated across all cryptocurrencies, CoinGlass data shows. The vast majority of that figure—$200 million—were long positions betting on the price of digital assets to go up in the future.
If the derivatives world, when a long is liquidated, then the trader has lost the bet and their position is closed.
Elsewhere, Ethereum's price dipped harder. It's now trading for $2,545 per coin, after diving by close to 3% in the past day.
And Solana, the fifth biggest digital asset, shed even more value: the coin has dropped by nearly 4% in 24 hours and is now trading hands for $150.75.
October has been dubbed "Uptober" by traders because in the past, stocks and crypto have experienced higher prices. September, on the other hand, has typically led to lower prices.
Bitcoin has jumped in price following the Federal Reserve's decision yesterday to cut interest rates—and traders who shorted the are being wiped out in a growing wave of liquidations.
The biggest digital coin's price is now sitting at $63,199 per coin after jumping more than 6% in 24 hours, CoinGecko shows.
In the past day, over $154 million in short positions have been liquidated across all cryptocurrencies, CoinGlass data shows. Of that figure, nearly $74 million were Bitcoin positions.
Short...
But the price of Bitcoin shot up last month, leading some analysts to expect the price of the asset to continue soaring.
In the past 30 days, the biggest digital coin has risen 9% off the back of the Federal Reserve's decision to slash interest rates.
Coinbase has now overtaken two of the world's largest securities exchanges in terms of transaction revenue, according to a crypto analyst from the private bank Coutts.
The crypto exchange generated $5.75 billion in transaction revenue over the past 12 months, compared to just $4.54 billion for the Nasdaq, where many of the world’s most valuable companies, including Apple, Google, and Microsoft, are traded.
Coinbase also surpassed the Stock Exchange of Hong Kong, the HKEX, which generated $2.67 b...
After several extended reviews since June this year, the Securities and Exchange Commission (SEC) has finally approved the first spot exchange-traded funds combining Bitcoin and Ethereum.
The agency has authorized Nasdaq to list the Hashdex Nasdaq Crypto Index US ETF and the Cboe BZX Exchange to list the Franklin Crypto Index ETF, according to a filing released Thursday.
"The proportion of bitcoin and ether to be held by each Trust will be based on free-float market capitalizations," the filing...
Dogecoin (DOGE) fell 12.4% in the past 24 hours as a broader market decline continues, triggered by the Federal Reserve's latest economic outlook.
The meme coin has dropped to $0.31, while trading volume surged 67% to $10.25 billion as holders repositioned their bags. It's now down 35% from its 2024 high of $0.47.
Despite the pullback, Dogecoin's market capitalization remains at $46.6 billion, maintaining its position as the seventh-largest crypto.
Powell's hawkish comments about higher-than-exp...
