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Mass liquidations affect more than 100,000 traders amid crypto market slump

Bitcoin's price briefly fell to an intraday low of $59,860 shortly after 9 a.m. ET on October 3, 2024. As of 1 p.m., the cryptocurrency is trading above the $60,000 mark, though it continues to struggle to maintain that key psychological level.

The collapse of the crypto market is prompting traders to switch to stablecoins
As of 1 p.m. ET on Thursday, bitcoin (BTC) was hovering just above the $60,000 mark, reflecting a 2.8% drop over the past 24 hours. The broader cryptocurrency market is down 3.82% in the same time frame, with a total market value of $2.09 trillion.

Over the past 24 hours, liquidations have been significant, with $295.34 million worth of positions wiped out. Of that, $246.78 million was made up of long positions, with $44.92 million of long positions wiped out on BTC alone. In the past 24 hours, 104,856 traders have been liquidated, according to coinglass.com.