The cryptocurrency market has witnessed nearly $470 million in liquidation as Bitcoin and other leading altcoins lose momentum ahead of Monday market opening in the U.S. The overall market capitalization has seen a 3.23% decrease, losing more than $100 billion in a swift downtrend.
As per CoinMarketCap data, Bitcoin price fell 3% from daily high of $110,764 to $107,000 at the time of publishing. This pull-back led to massive volatility in altcoins market, with Ether (ETH) dropping nearly 5.8% to $3,680, XRP dropping 5% to $2.38, BNB seeing 5.70% drop to $1,029, and Solana (SOL) losing the most among all—6.5% to $174 as of 6:50 AM UTC.
The drop in prices come as the crypto industry navigates through various key events such as impacts of recent rate cuts by Fed, questionable Bitcoin whale movements, and the controversy around MEXC, where several traders accused the exchange of freezing funds and hinted towards likely insolvency of the platform. However, MEXC affirmed their stance and shared a latest proof-of-reserve (PoR) on Sunday, confirming sufficient assets backing.
24-hour liquidation reaches $470 million
CoinGlass data shows that the 24 hour liquidation in crypto markets wiped out over $470 million, with ETH alone contributing nearly $112 million, followed by BTC, SOL, ASTER, and DOGE. Binance is in the leading position of liquidating traders among all other exchanges, cutting $140 million from all long/short combined, while Bybit clutched closely with $110 million.
Hyperliquid is sitting among top platforms in market liquidations, contributing $101 million to the total. This shows the perpetual DEX’s increasing popularity among a growing userbase, echoing shrinking trust in centralized exchanges.
Volatility ahead of Monday market opening
The weekly market opening on Monday in the U.S. usually brings volatility into cryptocurrencies, which most of the times witnesses downtrend. While most of the narratives have cooled down and investors are not anticipating any key events this week, the sell-off is likely due to short-term traders rethinking their strategies and exiting the market.
The diminishing open interest (OI) in Bitcoin futures, as per Coinglass data, shows that traders are cutting their risks to the market and are on line to reposition themselves as new narrative hits the market.
Adding to the fuel is an upcoming Fed speech on Tuesday, November 4, where Governor Lisa D. Cook will be speaking on the “The Outlook for the Economy and Monetary Policy” session. Moreover, the Federal Open Market Committee (FOMC), scheduled to meet on November 6–7, would also be influential for crypto markets, stocks, as well as the global economy.
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