Major cryptocurrencies plunged on Monday evening following an escalation in the Israeli-Palestinian conflict over the weekend.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | -0.49% | $27,592 |
| Ethereum ETH/USD | -0.73% | $1,579 |
| Dogecoin DOGE/USD | -0.99% | $0.052 |
What Happened: Cryptocurrency traders faced significant losses exceeding $100 million from liquidations during Monday’s market downturn, which was triggered by a decline in digital asset prices coupled with an increasing conflict in the Middle East.
Within the last 24 hours, over 42,778 traders have been liquidated, resulting in a staggering total of $114.94 million in liquidations. The largest individual liquidation occurred on Binance, involving the ETH/BUSD pair with a value of $4.53 million.
CoinGlass data reveals that a staggering $105 million of long positions, which were speculative bets on price increases, were entirely wiped out. These liquidations occur when an exchange terminates a leveraged trading position due to either a complete or partial loss of the trader’s initial margin. Essentially, this happens when the trader fails to meet the margin requirements or lacks sufficient funds to sustain the position.
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Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Tether Gold | +0.70% | $1,845 |
| Monero | +0.27% | $154 |
| Pax Gold | +0.05% | $1,857 |
The global crypto market cap currently stands at $1.09 trillion, reflecting a decrease of 0.35% in the past 24 hours. Cryptocurrencies didn’t mirror the gains seen in other risk assets on Monday. The S&P 500 gained 0.63%, ending at 4,335.66. The tech-heavy Nasdaq Composite added 0.39%, landing at 13,484.24.
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Analyst Notes
Crypto analyst Michael Van de Poppe said Bitcoin is currently holding the critical support level.
"Most likely the path towards $30K is going to start from here. Gold is up, uncertainties rise, Yields are down, so Bitcoin should follow."
Pseudonymous analyst Altcoin Sherpa said ETH, BTC is "getting slaughtered, I don’t see a bounce until we get to lower areas. Thinking low 0.05s. That said, I still think November is a great time to buy altcoins."
The analyst added, "The time for a short altcoin rally is just right around the corner IMO."
Since October 6, on-chain analytics firm Santiment has observed a noticeable shift in the cryptocurrency community’s focus from regular price discussions to the Israel and Palestine conflict. While the conflict has not had a significant impact on the crypto market thus far, it is important to note that further escalation could potentially result in heightened price sensitivity.
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