Bitcoin (BTC) led the broader crypto market during a correction on Thursday, October 30. The BTC price fell 4% over the past 24 hours, reaching today’s low of around $106,861 during the mid-North American session.
The total crypto market capitalization fell 5% over the past 24 hours, hovering around $3.6 trillion at the time of writing. The altcoin market was hit hard by today’s correction, led by Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Cardano (ADA) and XRP.
Top Reasons Why Crypto Dropped Today
Heavy liquidation of long traders: impact of a long squeeze
The broader crypto market felt the impact of a long squeeze on Thursday following a heavy liquidation of long traders. According to aggregated market data from MintGlassOf the $1.24 billion liquidated from leveraged cryptocurrency trading, about $1.1 billion involved long traders.
Sell-the-news anxiety following the Fed’s announcement of a monetary policy change
The broader crypto market also recorded bearish sentiment on Thursday, fueled in part by the impact of the sell-the-news effect. On Wednesday, the Federal Reserve launched its second rate cut of 25 basis points to between 3.75% and 4%, as investors had expected.
In addition, the Fed has announced that its quantitative easing (QE) will begin on December 1, 2025. However, the Fed noted that the December policy decision will be influenced by the ongoing government shutdown amid the political impasse in Washington DC.
As such, crypto traders have expressed fears of further market correction in the medium term.
What’s next for the Crypto Bull Market?
The crypto bull market remains roiled despite the end of the tariff wars between the United States and China. From a technical analysis perspective, BTC price needs to recover from the current support level around $107,000 to invalidate further correction.
According to market data analysis from Santiment, BTC’s price tends to show a relief whenever the public shows a heightened fear of capitulation.
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