Crypto Market News Today: Bitcoin Sees Major Liquidations

Crypto Market News Today: Bitcoin Faces Major Liquidation impact Price

The crypto market has taken traders on a rollercoaster ride, with Bitcoin and Ether leading the downturn. On October 23, 2024, the crypto market endured its second-largest liquidation day this month, resulting in liquidations totaling $261 million. Over $203.5 million came from long bets, while Ether (ETH) recorded its largest liquidation day with $77 million lost, followed by $58.3 million in Bitcoin call options. This marked a significant setback for those betting on continued growth in the crypto market.

Bitcoin and Ether Struggle Amid Market Volatility

The optimism around Bitcoin (BTC) reaching close to $70,000 on October 21 quickly faded as its price fell to a low of $65,500 before stabilizing at $67,386. The price drop caught many traders off guard, especially those who anticipated a steady rise. Ether, which had climbed to a two-month high of $2,750 on October 21, dropped to $2,552, marking a 1.7% decrease in 24 hours. The decline in both BTC and ETH prices has sparked concern among traders, as the crypto market dropping today appears to be driven by diminishing momentum.

Ethereum Transaction Fees and Staking Concerns

Ethereum’s blockchain is facing a unique challenge as its high transaction fees are discouraging users from engaging in staking activities. This reduction in staking demand may be contributing to the overall dip in investor optimism. The latest news on the crypto market indicates that Ethereum’s network issues could be a significant factor in its recent underperformance, raising questions about what is happening to the crypto market right now.

Institutional Investors Show Resilience Amidst Bitcoin ETF Inflows

Despite the turbulence, institutional investors remain unfazed. On October 23, U.S.-based Bitcoin ETFs witnessed a joint net inflow of $198.5 million. While the inflow to BlackRock’s iShares Bitcoin Trust ETF was substantial, net outflows from ARK 21Shares and Bitwise Bitcoin ETFs moderated the impact. The streak of inflows into Bitcoin ETFs since October 11 showcases institutional confidence, suggesting that the crypto market news today live holds promise even amidst volatility.