The crypto bloodbath continues as Bitcoin dipped below $54,000 with the rest of the market following its lead.
This week was really rough for the crypto market with the start of a major sell-off and most cryptocurrencies crashed to multi-month lows.
Bitcoin (BTC) in particular dipped to $53,700 and Ethereum (ETH) lost the $3,000 level.
The market’s total cap declined by 6.95% to $1.98 trillion, singaling a potentnial short to mid-term bearish scenario.
Panic selling began after the German government started selling large amounts of Bitcoin from their wallet. The Mt.Gox repayment plan and the expected sell-off also fueled investors’ fear.
In the past 24 hours liquidations peaked at $637,69 million with $540.51 million in longs and $97.29 million in short positions.
At the time of writing Bitcoin is trading at $54,400 and Ethereum is priced at around $2,870.
Almost six months after the release of Bitcoin Core 27.0, the Bitcoin development team has rolled out a new version, Bitcoin Core 28.0.
A recent report from digital asset bank Sygnum suggests that a rising trend could give Solana (SOL) an advantage over Ethereum (ETH) in the competitive smart contract space.
XRP is currently trading at $0.53 and has dropped nearly 15% in October, largely due to a renewed appeal by the U.S. Securities and Exchange Commission (SEC) in the ongoing lawsuit against Ripple.
Quite a few market participants maintain a positive outlook for Bitcoin as the fourth quarter approaches, driven by stable macroeconomic factors and institutional investment.