The Bitcoin price dropped sharply Tuesday morning at the beginning of a month historically expected to bring in gains for traders. The price of the largest digital asset now stands at $62,798, CoinGecko shows, after dropping as low as $62,633. In a 24-hour period, it’s down nearly 2%.
U.S. equities also experienced a sharp sell-off and the price of oil rose after the White House said it was expecting Iran to attack Israel. Tensions in the Middle East have previously caused sell-offs of “risk-on” assets like crypto and stocks. In the past day, over $250 million in futures positions have been liquidated across all cryptocurrencies, CoinGlass data shows. The vast majority of that figure—$200 million—were long positions betting on the price of digital assets to go up in the future.
If the derivatives world, when a long is liquidated, then the trader has lost the bet and their position is closed. Elsewhere, Ethereum’s price dipped harder. It’s now trading for $2,545 per coin, after diving by close to 3% in the past day. And Solana, the fifth biggest digital asset, shed even more value: the coin has dropped by nearly 4% in 24 hours and is now trading hands for $150.75.
October has been dubbed “Uptober” by traders because in the past, stocks and crypto have experienced higher prices. September, on the other hand, has typically led to lower prices. But the price of Bitcoin shot up last month, leading some analysts to expect the price of the asset to continue soaring. In the past 30 days, the biggest digital coin has risen 9% off the back of the Federal Reserve’s decision to slash interest rates.
Stablecoin giant Tether has dramatically escalated its enforcement activity after blacklisting 370 blockchain addresses and freezing approximately $514.64 million worth…
Crypto exchange giant Coinbase experienced a major service outage that disrupted trading, transfers, and exchange operations after…
Cross-chain messaging protocol LayerZero has publicly apologized for its handling of the massive Kelp DAO exploitthat drained approximately $292…
Executives from PayPal and Google Cloud said the future of “agentic commerce” — where AI agents autonomously buy goods,…
Crypto exchange giant Kraken is making a major move deeper into the U.S. financial system after its…
A major national security scandal has erupted in Taiwan after prosecutors indicted a Taiwanese news…