Bitcoin and Ethereum Rebound After Historic Crypto Crash
Crypto prices are recovering after a significant selloff triggered one of the largest single-day liquidation waves in the market's history.
On Friday, Bitcoin's price dropped from $121,000 to $109,000 in just seven hours, erasing all gains from the early "Uptober" rally. Ethereum's price fell to $3,686, while Solana's price touched $173, according to CoinGecko data.
A "flash crash of liquidations" wiped out almost $7 billion across all markets within one hour, with $5.5 billion coming from longs, said Sean Dawson, head of research at Dervie.
- Nearly $20 billion in liquidations across all digital assets were wiped out in a single day on Friday.
- $16.7 billion in long positions made up the majority of the losses, according to CoinGlass data.
Author's summary: Crypto market rebounds after historic crash.