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⚡Bitcoin Prices Drop 4% in 24 Hours🐪

Croxroad

02 Nov 2024 — 4 min read

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⁉️ Bitcoin Tumbles to $69K

Bitcoin’s price dropped nearly 4% in the past 24 hours, dipping from $72,500 to just above $69,000 as traders engaged in profit-taking ahead of the weekend. This decline triggered a broader market retreat, resulting in over $250 million in bullish liquidations and pulling down the global cryptocurrency market cap by approximately 5.5%. Alongside Bitcoin’s drop, other major cryptocurrencies, including Ethereum and Solana, saw significant declines, illustrating the extent of the market correction. The sell-off was further influenced by the “Fear and Greed Index,” which registered “extreme greed” on Thursday, a level often associated with impending price pullbacks.

The “Fear and Greed Index” measures sentiment and volatility in the crypto market, often serving as a barometer for potential market tops or bottoms. With the index still flashing “greed” as of Friday afternoon in Asia, traders are wary of continued downward pressure. Futures markets felt the impact of Bitcoin’s drop as well, with bullish bets totaling $88 million being liquidated on BTC futures alone, followed by $44 million on Ethereum and nearly $15 million each on Solana and Dogecoin. Notably, almost 90% of all futures bets were long positions, reflecting optimism for Bitcoin ahead of the upcoming U.S. elections on November 5, as global monetary policies and recent political support had initially bolstered expectations for further BTC gains.

However, the sudden wave of liquidations signals a potential market turning point. When a trader cannot meet margin requirements, exchanges may forcefully close leveraged positions, leading to a cascade effect. Large-scale liquidations like this can indicate extreme sentiment shifts, sometimes marking reversals in price trends. Bitcoin’s open interest, which had reached record highs of over $43 billion earlier in the week, dropped to slightly above $41 billion by early Friday, suggesting that the market might be cooling off after a period of heightened speculative activity.

✈️ A Flight, A Lesson

The world of Bitcoin is made up of ordinary people. In my podcast, I’ve interviewed individuals from various professions, all contributing to Bitcoin’s growing popularity worldwide due to its versatility. Today’s episode proves that anyone willing to study and continually learn can become part of this inspiring community. From the perspective of "The Accountant," we’ll explore how one can dive into Bitcoin’s Rabbit Hole and the impact of a chance encounter with Andreas Antonopoulos on his Bitcoin journey.

Bitcoin is advancing rapidly toward a promising future, with inflation and economic instability creating an environment where Bitcoin can thrive. As we discuss on the podcast, embracing Bitcoin doesn’t require extensive resources; just an open mind and a willingness to learn can pave the way. "The Accountant" recalls an unexpected moment on a flight, where a conversation with a stranger turned into a deep dive into Bitcoin. Only later did he realise that the stranger was none other than Andreas Antonopoulos, a leading Bitcoin advocate, whose insights sparked a journey into the world of digital assets.

Bitcoin requires study and understanding to break old paradigms and financial routines. "The Accountant" advises against relying solely on fiat and stresses the importance of getting into Bitcoin before it becomes a necessity. He believes the future belongs to Bitcoin and sees it as a way to safeguard wealth from inflation and government controls. For those considering entering the Bitcoin world, he suggests continuous education to avoid common pitfalls and prepare for a future where Bitcoin could lead the global economy.

🔏 Over 20% of all Bitcoin is believed to be lost

Due to forgotten passwords, lost private keys, or misplaced hardware wallets, an estimated 20% of Bitcoin's total supply is considered inaccessible. This reduces the actual circulating supply, potentially increasing scarcity.

🤣 Crox Road Memes

“Bitcoin’s true scarcity lies not only in its cap but in the unknown millions that are already lost forever.”

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