Crypto Market Crashes: Bitcoin Falls 4%, Over $1.1 Billion in Liquidations Rock the Market
Crypto Market Crashes: After a disappointing October that failed to deliver the usual “Uptober” rally, November has kicked off with a bloodbath in the crypto market. Major digital assets including Bitcoin and Ethereum are sharply down on Monday, triggering massive liquidations across the board.
According to data from CoinGlass, more than $1.16 billion worth of crypto positions have been liquidated in the last 24 hours alone. Of this, $1.08 billion were long positions, indicating that most traders were betting on rising prices and got caught in the sudden downturn.
Bitcoin and Ethereum Lead the Market Slump
Bitcoin, the world’s largest cryptocurrency, has dropped 4% in the past 24 hours to around $105,699 its lowest level since October 17, per data from CoinGecko. Meanwhile, Ethereum (ETH) has taken an even harder hit, plunging nearly 7% to $3,583, marking a nearly three-month low.
Altcoins are faring no better. XRP is down roughly 7% to $2.33, while BNB, Solana (SOL), and Dogecoin (DOGE) have each tumbled about 9% in the same period. The broad-based decline has erased billions from the overall crypto market capitalization.
Analysts Point to Weakness Despite Strong Stock Market
Interestingly, the crypto crash comes even as U.S. stock indices like the Nasdaq and S&P 500 remain in positive territory, suggesting the sell-off isn’t being driven by traditional market correlations.
On social media platform X (formerly Twitter), noted pseudonymous analyst Maartunn from CryptoQuant highlighted several potential drivers, including selling pressure from U.S. spot Bitcoin traders and technical weakness in Ethereum’s chart patterns that hinted at a breakdown.
Macroeconomic Concerns Add Fuel to the Fire
The market’s slide began late Sunday after U.S. Treasury Secretary Scott Bessent commented on the economic effects of high interest rates, warning that some “parts of the economy may have been driven into recession.”
Those remarks appear to have spooked crypto traders ahead of this week’s U.S. jobs report, a key indicator that could influence Federal Reserve policy on interest rates. With fears of tighter liquidity and slower growth, traders are bracing for further volatility in the days ahead.
Market Outlook: Is the Crypto Rally Over?
While some analysts view this drop as a healthy correction following an extended period of sideways trading, others caution that if Bitcoin fails to hold above the $105,000 level, further downside could follow.
Ethereum’s price action also looks fragile, with technical indicators signaling possible continuation of the bearish momentum if buying support doesn’t return soon.
For now, traders and investors alike are watching closely to see whether this early-November crash marks the start of a deeper correction—or a brief shakeout before the next leg up.
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