Bitcoin Stumbles as ‘Uptober’ Kicks Off With a Slump

Bitcoin Sinks, $289 Million in Longs Liquidated Across Crypto Markets

Over the past 24 hours, bitcoin (BTC) slid 1.8%, and by 12:15 p.m. EDT, it hovered at $62,600 per unit, bringing its market cap to roughly $1.23 trillion. The 1.8% dip during the day also dragged its seven-day performance down to a modest 1.2%.

Even though prices have risen slightly, BTC still hit a low point at $61,801 earlier in the day. This recent decline triggered $62.57 million in bitcoin long liquidations across crypto derivatives markets.

Ethereum (ETH) wasn’t spared either, with $55.9 million in longs wiped out during the same 24-hour period. Altogether, over the past day, the crypto derivatives sector saw $350.17 million in liquidated positions, with longs accounting for $289.05 million. In total, 119,023 traders were liquidated over the past day, according to data from coinglass.com.

As of Oct. 1, the global crypto market is valued at $2.2 trillion, reflecting a 2.26% dip in the past day. Total global trade volume sits at $112.718 billion, with bitcoin trades accounting for $40.72 billion of that figure.

While trading volume remains strong, it’s been largely driven by selling pressure and profit-taking. Among the top ten cryptocurrencies, the hardest-hit on Tuesday were dogecoin (DOGE) and toncoin (TON), posting losses of 6.29% and 5.53%, respectively.

What do you think about the crypto market trading action on Tuesday and bitcoin sliding below the $62K zone? Share your thoughts and opinions about this subject in the comments section below.