The cryptocurrency market opened November with heavy losses after today’s session saw over $1.2 billion in leveraged positions wiped out within 12 hours (so far).
At the time of writing, Bitcoin has dropped over 4 percent to $105,699 (3-week low) while Ethereum plunged 7 percent to $3,583 (near 3-month low). Most of the liquidations, totaling $1.08 billion, were long positions betting on price gains.
Altcoins saw even steeper declines. XRP went down by 7 percent to $2.33. BNB, Solana, and Dogecoin each have slipped around 9 percent.
The downturn follows a disappointing October that failed to deliver the anticipated “Uptober” rally.
Many crypto players are somewhat reluctant to stake big this month. According to a few research houses, November data is a bit complicated.
Many traders on X (formerly Twitter) have revealed that they have made precautionary withdrawals in case a plunge is likely. So far, investors have withdrawn over $1.2 billion in the past 12 hours. More liquidations could happen as trends persist.
The fact that this play dough scam even has any value means we are truly lost.
In a sane and normal world , bitcoin should be worth 0. It has no actual existence beyond some computer wallet.
All currencies value is tied to goods and services since the dawn of civilization. That’s how money worked for millennia. And now we use imaginary tokens ?
We are wasting valuable resources. As kids we used pretend money to play, never thought adults would take it seriously and link it to actual economy.
Truly sad