The crypto market experienced significant fluctuations on October 3, 2024. Bitcoin’s value dropped to $59,860 at 9 a.m. EDT before partially recovering to trade above $60,000 by 1 p.m. However, maintaining this crucial psychological level proved challenging for the cryptocurrency.
On the last day, the overall crypto market experienced a 3.82% decrease, resulting in a total market capitalization of $2.09 trillion. It’s worth noting that Bitcoin specifically saw a 2.8% decline over the same timeframe.
This market downturn resulted in substantial liquidations, with $295.34 million in positions being wiped out in the last 24 hours. Of this amount, $246.78 million came from long positions, and Bitcoin alone saw $44.92 million in longs being erased. Data from (link unavailable) revealed that 104,856 traders were liquidated.
Despite a global trading volume of $121.25 billion, a significant $88.32 billion was traded in stablecoins, indicating a shift towards safer and more stable assets amid market uncertainty.
With a market capitalization of $1.191 trillion, Bitcoin is currently ranked as the tenth most valuable asset globally, surpassing Berkshire Hathaway’s (BRK-B) valuation of $975.84 billion. However, if Bitcoin’s market cap falls by $215.16 billion, BRK-B would overtake Bitcoin in the rankings.
The ongoing conflict in the Middle East has caused significant volatility in global financial markets, leading to cryptocurrency fluctuations. Bitcoin and other leading digital assets have experienced increased trading activity and price swings amid the growing uncertainty.
Investor sentiment regarding Bitcoin is divided. Some consider it a digital form of gold, providing a hedge against turmoil, while others are cautious due to its speculative nature.
The price of Bitcoin experienced fluctuations, dropping below the $60,000 range just five minutes after 1 p.m. on Thursday.
Key Statistics:
– Bitcoin price: $60,000 (24-hour change: -2.8%)
– Total market value: $2.09 trillion (24-hour change: -3.82%)
– Liquidations: $295.34 million (24-hour)
– Long positions liquidated: $246.78 million (24-hour)
– Bitcoin longs liquidated: $44.92 million (24-hour)
– Traders liquidated: 104,856 (24-hour)
– Global trading volume: $121.25 billion (24-hour)
– Stablecoin trading volume: $88.32 billion (24-hour)
– Bitcoin market capitalization: $1.191 trillion
