Bitcoin and Ethereum Rebound After Historic Crypto Wipeout
Crypto prices are rebounding after a tariff-shock selloff triggered one of the market's largest single-day liquidation waves.
The crypto market began to claw back losses following a sell-off that resulted in one of the worst liquidation events in its history. Bitcoin fell from $121,000 to as low as $109,000 over a seven-hour period, erasing all gains made from an early "Uptober" rally. Ethereum dipped to a low of $3,686, while Solana touched just above $173, according to CoinGecko data.
The volatile trading session triggered a "flash crash of liquidations," wiping almost $7 billion across all markets within one hour, with $5.5 billion coming from longs.
Sean Dawson, head of research at on-chain options platform Dervie, noted that nearly $20 billion in liquidations across all digital assets had been wiped out in a single day, with $16.7 billion in long positions making up the majority, according to CoinGlass data.
Author's summary: Crypto market rebounds after historic liquidation event.
- Bitcoin fell from $121,000 to $109,000
- Ethereum dipped to $3,686
- Solana touched $173
- Nearly $20 billion in liquidations across all digital assets