Bitcoin falls today: BTC returns to $112 after $19 billion losses in the cryptocurrency market
- Bitcoin drops to $101 on exchanges today
- $19 billion liquidation impacts cryptocurrencies
- Cardano and altcoins see even greater losses
Bitcoin's price plummeted between Friday night and Saturday morning, bringing the asset to its lowest level since early July. On some exchanges, BTC traded at just over $101.000, while on others it fell to $105.000. Despite a slight recovery, the price remains below $113.000, currently stable around $112.000.
This movement liquidated over $19 billion in cryptocurrency market positions, affecting more than 1,6 million traders. It was the largest single-day liquidation volume this year. Bitcoin's market cap also shrank, falling to $2,235 trillion, while the currency's dominance over the rest of the sector reached 58%.
The week began with Bitcoin surpassing $126.000 on Monday, setting a new all-time high. However, current US President Donald Trump's statements about China changed the course. The president stated that the US will impose 100% tariffs on Chinese goods starting November 1st, alleging fraudulent trade practices by the Asian country.
This signal triggered risk aversion in global markets and had a direct impact on overleveraged cryptocurrencies. The domino effect also brought down altcoins, with losses even steeper than those recorded by BTC.
Cardano (ADA) plunged more than 65% at its worst, hitting a yearly low below $0,30. Ethereum fell 11%, XRP fell 12%, Solana lost 16%, and Dogecoin plummeted 22%. Chainlink fell 19%, followed by SUI (-21%) and Stellar (-12,6%). The only exception was ZEC, which bucked the trend and rose 12% to $255.
The combined market value of all cryptocurrencies fell from $4,2 trillion to $3,3 trillion during the most critical hours. Despite a partial recovery to around $3,8 trillion, the market still accumulated losses of approximately $400 billion in a single day.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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