Bitcoin's price dropped to $60,300, leading to $450 million in liquidations of bullish crypto bets. This decline contributed to a 5% reduction in the overall cryptocurrency market cap, largely influenced by tensions in the Middle East.
Approximately 86% of futures traders had taken bullish positions for October, resulting in significant losses. Bitcoin and Ethereum alone accounted for over $220 million in combined liquidations.
Historically, October has been a bullish month for Bitcoin, adding a surprising twist to this recent downturn.
