Crypto traders faced liquidations totaling $942.1 million over a 24-hour period, according to Coinglass data. Long positions represented the vast majority of these losses, accounting for $863.3 million or 91.6% of the total. The market downturn saw the total cryptocurrency market capitalization fall by 4.96% to $2.76 trillion.
Ethereum experienced the most significant decline among the top five cryptocurrencies, dropping 5.31% to $2,373.87. Traders lost $283.1 million in Ethereum positions, with $261 million attributed to longs. Bitcoin saw a 2.54% decrease to $81,328, with total liquidations reaching $196 million, of which $176 million were long positions.
Market activity intensified in a short window, with $489.4 million in liquidations occurring within a single hour. Binance processed 53.7% of the total liquidations, including the largest single order of $12.03 million for a BTCUSDT long position. Additionally, traders saw $22.1 million in silver and $13.3 million in gold positions liquidated on crypto exchanges.
The sell-off extended to Asian equity markets, where the KOSPI index fell 7.85% to 5,537.15 and the Nikkei 225 dropped 4.81% to 64,489.06. Semiconductor stocks led the decline following US inflation data, which showed the Consumer Price Index rising to 3.7% in September. Markets are now monitoring the upcoming Federal Reserve meeting scheduled for October 27 and 28.
