Crypto Market Plunges: $1.2 Billion Liquidated as Altcoins Struggle
the crypto market has taken a significant hit, with the market cap dropping to around $3.6 trillion. This plunge has led to over $1.2 billion in liquidations within 24 hours. The market is now dangerously close to $3.5 trillion, a sharp decline from just a week ago.
Altcoins are particularly affected, suffering sharp declines due to cascading liquidations, profit-taking, adn macroeconomic uncertainty. Traders are becoming more cautious as rate-cut expectations are delayed.
On October 17, the market cap fell by 7.3%, accompanied by a wave of liquidations totaling over $1.23 billion. Most of thes liquidations came from long positions, with Bitcoin and Ethereum leading the losses.
- Bitcoin saw $74 million in liquidations.
- Ethereum lost about $26.5 million.
- Altcoins like Solana also faced losses.
The crypto Fear & Greed Index has fallen to 23, indicating fear in the market. Tokens like ASTER and POL have taken significant hits, with ASTER falling by 16% in the past day.
Altcoins are falling due to a combination of bearish market trends,profit-taking,and liquidations. Bitcoin’s performance continues to influence other altcoins. The U.S. Federal Reserve’s potential delay in interest-rate cuts is also affecting investor sentiment.
Following the major crypto crash on October 10,which saw $19 billion in forced liquidations,traders are engaging in profit-taking. this pattern of decline is expected to continue until the market can recover.
