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In summary
- The price of Bitcoin fell sharply on Tuesday morning, settling at $62,798.
- US stocks also saw sharp selling and the price of oil rose due to tensions in the Middle East.
- More than $250 million in futures positions across all cryptocurrencies were liquidated, with $200 million in long positions.
The price of Bitcoin fell sharply on Tuesday morning at the start of a month in which profits are historically expected for traders.
The price of the largest Cryptocurrency on the market now stands at $62,798, according to CoinGecko, after falling to $62,633. In a 24-hour period, it is down almost 2%.
US stocks also saw sharp selling and the price of oil rose after the White House said it expected an attack by Iran on Israel. Tensions in the Middle East have previously sparked sales of “risky” assets such as cryptocurrencies and stocks.
In the last day, more than $250 million in futures positions have been liquidated across all cryptocurrencies, according to data from CoinGlass. The vast majority of that figure, $200 million, were long positions betting that the price of cryptocurrencies would rise in the future.
In the world of derivatives, when a long position is liquidated, it means that the trader has lost the bet and their position is closed.
On the other hand, the price of Ethereum fell more sharply. It is now trading at $2,545 per coin, after falling nearly 3% in the last day.
And Solana, the fifth-largest digital asset, lost even more: the coin has fallen almost 4% in 24 hours and is now trading at $150.75.
October has been nicknamed “Uptober” by traders, because in the past, stocks and cryptocurrencies have risen this month. On the other hand, September has typically led to lower prices.
But Bitcoin’s price skyrocketed last month, leading some analysts to expect the asset’s price to continue rising.
In the last 30 days, the largest digital currency has risen 9% as a result of the Federal Reserve’s decision to cut interest rates.
Edited by Stacy Elliott.
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