After a rough October that didn’t deliver the anticipated “Uptober” gains for Bitcoin and other top crypto assets, November is off to a challenging start. Major cryptocurrencies are deep in the red so far this Monday, with Bitcoin plunging 4% and altcoins suffering even larger losses.
Liquidations are piling up quickly. According to data from CoinGlass, approximately $1.16 billion worth of positions were liquidated over the last 24 hours. The vast majority of these, about $1.08 billion, were long positions—bets that asset prices would rise.
Bitcoin and Ethereum are leading the downturn, with liquidations totaling around $298 million and $273 million respectively. Bitcoin has dropped 4% on the day to a recent price of $20,699, marking its lowest level since October 17, as reported by CoinGecko. Ethereum and other altcoins have been hit even harder, with ETH declining roughly 7% to $3,583—a near three-month low.
Other notable losses include XRP, which has fallen about 7% to $2.33. BNB, Solana, and Dogecoin are all experiencing daily declines around 9% at the time of writing.
Interestingly, this latest crypto plunge comes even as major stock indices like the Nasdaq and S&P 500 remain in positive territory. There are no clear catalysts explaining such significant crypto losses this Monday.
However, on X (formerly Twitter), noted pseudonymous analyst Maartunn from CryptoQuant highlighted several potential factors driving today’s downturn. These include sell pressure from U.S. spot Bitcoin traders and apparent “signs of fragility” in the Ethereum charts.
Crypto prices began slipping late Sunday after comments from U.S. Treasury Secretary Scott Bessent regarding the impact of high interest rates on the economy. Bessent warned that “parts of the economy” may have been pushed “into recession.” As a result, crypto traders may be bracing for short-term volatility ahead of this week’s critical jobs report.
https://decrypt.co/347154/bitcoin-ethereum-dogecoin-plunge-crypto-liquidations-topping-1-1-billion
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