The cryptocurrency market has started the new business week on the wrong foot again, with BTC tanking to a fresh multi-month low of $73,500.
This time, the leading altcoin has been hit even harder, as it came just inches away from plunging below $2,000 for the first time since mid-August.
Crypto Market in Shambles Again
November has been quite painful for the entire market, which already ended October with massive declines, especially following the massive Binance hack at the end of the month. Last week brought another highly volatile session after the conclusion of the US midterms, in which BTC first dipped from $78,000 to $75,600, before it exploded to $81,000, only to be rejected again and to crash below $75,000.
It rebounded over the weekend and remained relatively stable at $76,000 despite the new attacks between the US and Iran. However, the fluctuations returned on Monday morning and, unlike most previous examples, the bears were in control again. Hours ago, BTC crumbled to its lowest levels since the breakout rally began in mid-August at $73,500. Despite recovering some ground since then, the cryptocurrency is still below $74,500.
Most altcoins have charted even more painful declines, including ETH, which tanked below $2,100. XRP is down to $1.09 as of press time, as it dipped to $1.06. PI has slumped to a new all-time low, while RAY, ASTER, STX, and LIT have declined by 6% or slightly more.
Liquidations on the Rise
As usual, these intense market moves have harmed over-leveraged traders. In fact, data from CoinGlass shows that more than 155,000 such market participants have been wrecked in the past 24 hours. The total value of liquidated positions has exceeded $1 billion, with longs responsible for over $930 million.
ETH has been among the most volatile crypto assets today, and liquidated longs lead the pack, well above BTC, at $455 million. The single-largest wiped-out position also involved the leading altcoin. It was a whopping one worth almost $50 million, and it took place on Binance.
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