The crypto market lost nearly $170 billion in capitalization after a selloff that caught investors off guard.
Bitcoin dropped 3.85% in 24 hours, hitting $106,500, while total liquidations surpassed $990 million, according to Coinglass. Of that amount, $895 million came from long positions, with Bitcoin leading at $394 million and Ethereum following with $183 million.
The decline came despite the Federal Reserve’s more neutral tone after cutting rates by 0.25% in October, while stopping short of confirming further reductions. It also coincided with a series of “constructive” meetings between the U.S. and China in Seoul that raised expectations but produced no concrete outcomes.
Total crypto market capitalization fell to $3.59 trillion, down 4.2% from the previous session. Analysts now identify Bitcoin’s key support zone between $105,000 and $106,000
Source: https://www.coinglass.com/LiquidationData
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