Late on October 6, the cryptocurrency market suffered a sudden bloodbath that dropped the total valuation of digital assets from $2.88 trillion to $2.82 trillion within a single hour, a $60 billion wipeout
Zooming out, the losses grow even larger with the drop between the Tuesday $2.92 trillion high and press time on Wednesday, October 7, amounting to $100 billion
Additionally, CoinGlass data shows that, within the last 24 hours, as many as 106,952 were ‘rekt’ with liquidations – the majority of which held long positions – amounting to $608.34 million
Furthermore, out of the daily total, as much as 86.69% – $527.39 million – occurred within the previous 12 hours. Ethereum (ETH) traders were the most affected – $209.89 million – and Bitcoin (BTC) was close behind at $138.88 million
Looking at the price action of individual cryptocurrencies, BTC fell 2.19% – by nearly $1,900 – within the previous 12 hours to $83,665, and ETH suffered a 4.33% crash from $2,697.37 to $2,580.68
XRP fared somewhat better, having fallen 3.09% from $1.50 to $1.45, and Solana (SOL) slid 2.57% from $120.80 to $117.69 within the same timeframe
Notably, in the case of all four cryptocurrencies, the crash proved sudden but short-lived, and the prices appear to have stabilized by press time on October 7, albeit universally in lower ranges
Meanwhile, some prominent on-chain experts appear to believe the latest bloodbath is just a temporary correction ahead of a continued rally
For example, Ali Martinez published an X post on Wednesday morning regarding Bitcoin’s price action, urging his followers to ‘buy the dip.’
It feels like Bitcoin $BTC has been here before. BUY THE DIP! pic.twitter.com/0cAmFZZOjU
This particular recommendation appears tied to a Tuesday thread which highlighted significant ‘whale’ accumulation and BTC finding a support zone between $83,300 and $84,600 as signs of a bullish setup
With Bitcoin remaining above the lower bound of the support, Martinez appears to consider a breakout above $86,700 plausible in the foreseeable future, as well as the subsequent expected upsurge to approximately $105,000 – 25.50% above the press time price of $83,665
