The cryptocurrency market began the new trading week under heavy selling pressure, with a wave of forced liquidations exceeding $1 billion in 24 hours. Bitcoin dropped to a fresh multi-month low of $73,500 before recovering only slightly, while Ethereum came close to falling below $2,000 for the first time since mid-August.
According to CoinGlass, more than 155,000 traders were liquidated, with long positions accounting for over $930 million of the total. Ethereum led the liquidation cascade at $455 million in wiped-out longs, surpassing Bitcoin. The single-largest liquidation was an Ethereum position worth almost $50 million on Binance.
Among other major assets, XRP fell to $1.06 and was trading near $1.09 at press time. PI slumped to a new all-time low, while RAY, ASTER, STX and LIT recorded declines of roughly 6% or more.
The latest slump extends a painful stretch for digital assets. October ended with steep losses after a major Binance hack, and last week's post-US midterms volatility saw Bitcoin swing from $78,000 down to $75,600, then spike above $81,000 before being rejected and falling below $75,000. The market had stabilized around $76,000 over the weekend despite renewed US-Iran tensions, but bearish momentum returned on Monday.
Additional liquidation data highlighted the extreme risks of leveraged trading: one Ethereum long position valued at $118.4 million was fully liquidated, resulting in a $44.78 million loss for the trader. The scale of these liquidations may influence near-term liquidity and volatility, and traders are watching key Ethereum support levels and broader sentiment for signs of stabilization or further downside.
