The crypto market experienced one of the largest forced liquidations in its history today, October 11. According to market data from CoinGlass, more than $9.5 billion was liquidated from the crypto market during the late North American session.
More than 1.5 million traders have been liquidated in the past 24 hours, with long trades worth more than $8 billion. Bitcoin’s leverage market recorded a total liquidation of $2.46 billion, while Ethereum recorded around $2.24 billion.
The largest liquidation occurred on HTX involving a BTC/USDT pair worth approximately $87 million.
Why did the crypto market fall today?
As Coinpedia reported, US President Donald Trump has unveiled a new trade war with China. After a period of certainty about global trade, President Trump announced a 100% tariff on goods from China on November 1.
As such, panic selling escalated amid the increased bearish outlook whale investors. Meanwhile, the crypto market recovered significantly after President Trump said that his meeting with Chinese President Xi is not yet completely off the table.
What’s next?
The crypto market is expected to fully recover to a parabolic rally once the capital rotation out of gold starts. Currently, the gold price is hovering around the overbought level on a weekly basis, which is a sign of possible consolidation and reversal.
Crypto analyst Benjamin Cowen noted that Ethereum could lead the broader altcoin market to new all-time highs after today’s rapid sell-off. Macro upside sentiment is reinforced by the expected approval of dozens of spot altcoin ETFs in the United States, especially as more fund managers make changes to include sponsorship fees.
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