The crypto market experienced one of the highest forced liquidations in its history today, October 11. According to market data from CoinGlass, more than $9.5 billion was liquidated from the crypto market during the late North American session.
During the past 24 hours, more than 1.5 million traders were liquidated, with long trades amounting to over $8 billion. Bitcoin’s leveraged market recorded a total liquidation of $2.46 billion while Ethereum recorded around $2.24 billion.
The largest single liquidation happened on HTX involving a BTC/USDT pair valued at around $87 million.
Why Is the Crypto Market Down Today?
As Coinpedia reported, United States President Donald Trump has revealed a fresh trade war with China. After a period of global trade certainty, President Trump announced a 100% tariff on goods from China beginning on November 1.
As such, panic selling escalated amid a heightened bearish outlook from whale investors. Meanwhile, the crypto market rebounded significantly after President Trump said that his meeting with China’s President Xi is not fully off the table.
What’s Next?
The crypto market is expected to fully rebound to a parabolic rally once capital rotation from gold kicks off. Currently, the gold price has been hovering around overbought levels in the weekly timeframe, signaling possible consolidation and reversal ahead.
Crypto analyst Benjamin Cowen noted that Ethereum may lead the wider altcoin market in new all-time highs ahead following today’s flash selloff. The macro bullish sentiment is bolstered by the anticipated approval of dozens of spot altcoin ETFs in the United States, especially as more fund managers make amendments to include sponsor fees.
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