Crypto Market Fairly Cautious, Here's Why

For all the eagerness and anticipation that saturated the crypto market leading up to ‘Uptober’, what is currently playing was not the least bit expected.

CoinSpeaker reports that over 100,000 crypto traders were liquidated as the market took a downturn following news of Iran launching ballistic missiles at Israeli key locations.

What Happened: According to CoinGlass data, at least $556 million worth of futures contracts were liquidated over the last 24 hours.

Out of the total liquidations, at least $143 million were from Bitcoin-related trades, while Ethereum-related trades saw about $119 million in liquidations. Solana-related trades also saw a significant amount of liquidations, to the tune of $20 million.

Among the largest single liquidation orders was one on Binance’s ETHUSDT pair, valued at $12.24 million.

The crypto market cap fell 6% to $2.24 trillion at press time.

Despite the market downturn, bullish sentiment remained intact, with optimism around October being a bullish month for crypto prices and the broader market.

Since 2013, BTC has only recorded negative returns in October twice.

Technical analysis from 10x Research also pointed to a bullish outlook for October and Q4.

In a recent report, 10x Research said it was “very likely” that a crypto rally would occur before the year ends.

Bernstein also shared hopes for Bitcoin in a recent report, tying it to the outcome of the U.S. presidential election.

According to Bernstein, if Republican presidential candidate Donald Trump wins in November, Bitcoin could rally nearly 30% to $90,000 in Q4.

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At press time, BTC was trading at $60,692 and down 0.75% over 24 hours, according to Coinspeaker data.