October saw significant liquidations, revealing volatility in the market.
High transaction fees on Ethereum dampen investor confidence and trading activity.
The crypto market is in a state of flux, marked by significant liquidations and fluctuating investor sentiment. On October 23, 2024, total liquidations reached $261 million, predominantly affecting long positions as traders anticipated a continuation of Bitcoin’s bullish trend.
Crypto Liquidation Chart, Source: Coinglass
This liquidation surge ranks as the second-largest for October, following the $450 million liquidated on October 1 when Bitcoin fell approximately 5%.This spike was largely triggered by Bitcoin’s price drop below the crucial $60,000 mark. It is influenced by ongoing geopolitical tensions, particularly in the Middle East.
Moreover, at that time, many traders have opted to shift their assets into stablecoins as a precautionary measure against the uncertain market conditions.
Amid these dy
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