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The crypto market experienced another crash today, with about $182 billion worth of liquidation wiped out. Bitcoin suffered a significant decline as its price dropped below the $105,000 level.
$182,000,000,000 Crypto Market Liquidation in 18 Hours
Over the past 18 hours, the crypto market saw $182 Billion in liquidations across exchanges. This represents one of the largest liquidations in history.
The timing and scope affected both top caps and altcoins. This makes it a crucial stress test for market sentiment.
The total market cap decreased by 5.17% over the past 24 hours to $3.56 Trillion. This dip is the aftershock of the October 10 crash. During that time, the market shed $19 Billion due to President Donald Trump’s announcement of a 100% tariff on China.
Bitcoin has lost its weekly short-term gains in the current sell-off. The crypto market saw it plunge into the $105,000 range. These kinds of liquidity events typically occur when overly leveraged long positions are wiped out during sharp price drops.
Ethereum (ETH) experienced a more severe decline, falling by over 5.47% to a price of $3,720. The breakdown formation demonstrates the fragility of the previous bullish momentum.
Bears may take control if ETH falls toward $3,500. A recovery above $4,000 is needed to avoid this shift in momentum. Other altcoins affected in the latest liquidations include Binance Coin (BNB), Ripple’s XRP, and Solana (SOL).
Bitcoin and Ethereum’s sharp red candles show the scale of the sell-off. No major crypto asset escaped the wave of liquidations.
Analyst Predicted Bitcoin Crash to $107,000
Crypto market analyst and YouTuber Crypto Rover claimed they had publicly predicted a Bitcoin price decline to $107,000.
As of this writing, BTC has plunged further to $105,268, marking a 4.8% price decrease over the previous day. However, the daily trading volume increased by 47.3% to $101.3 Billion.
Crypto Rover emphasized that he had warned of more BTC price crashes following the one that occurred on October 10. Following this historic crash, BTC plummeted over 14% from approximately $122,574 to $104,783 in just 24 hours.
Now that Bitcoin has returned to this level, the market is concerned about its future. Meanwhile, similar warnings also circulated on Thursday, October 16, for Ethereum.
Analysts pointed to overleveraged long positions and bearish RSI signals. They also noted a MACD bearish crossover, which has often preceded drops.
What is Happening in the Crypto Market?
Another analyst, Crypto Nobler on X, has also emphasized the latest market liquidations. The analyst pointed out that $750,000,000 in liquidations were wiped out in just a few hours.
Crypto Nobler pointed out BlackRock and Binance as key culprits that have contributed to the latest market crash. Notably, BlackRock recently sold about $170 million worth of Bitcoin through its iShares Bitcoin Trust (IBIT) ETF.
This sale was not a strategic choice by BlackRock as an institution, but was instead driven by ETF investor outflows. As revealed by Farside Investors, the BTC ETFs have experienced fading inflows over the past few days. On October 16, the BTC ETFs registered outflows of $530.9 million.
Additionally, Ethereum liquidations skyrocketed on the Binance crypto exchange. Crypto Nobler also highlighted that insiders are shorting aggressively. Finally, the analyst questioned whether the market is seeing major manipulation ahead of potential interest rate cuts.
The U.S. Federal Reserve will hold its next FOMC meeting on October 29-30. In the crypto market, there is an 85% chance of a 25-basis-point rate cut. However, today’s noise is tied to shutdown-delayed jobs data, fueling uncertainty.
