Bitcoin and Ethereum Rebound After Historic Crypto Crash
Crypto prices are rebounding after a significant selloff triggered one of the market's largest single-day liquidation waves.
The crypto market began to recover losses following a sell-off that resulted in one of the worst liquidation events in its history. On Friday, Bitcoin fell from $121,000 to $109,000 over seven hours, erasing early "Uptober" rally gains. Ethereum and Solana also dipped, to $3,686 and $173 respectively.
A "flash crash of liquidations" wiped almost $7 billion across all markets within one hour, with $5.5 billion coming from longs, according to Sean Dawson, head of research at Dervie.
Nearly $20 billion in liquidations across all digital assets were wiped out in a single day, with $16.7 billion in long positions making up the majority, CoinGlass data shows.
Author's summary: Crypto market rebounds after historic crash.