More than $1.1 billion in leveraged cryptocurrency positions were wiped out in 24 hours ending Oct 30, as a fresh selloff pushed the market’s largest token to a low of $77,739. Long positions were particularly affected, accounting for $958 million of the total liquidated assets. Other digital assets also hit low points, with Ether sliding to $2,205, its lowest valuation in two months.
The decline follows a volatile period in which Bitcoin briefly regained $81,000 before dropping under $79,000 on Oct 29, a 40 day low. Investors have remained cautious following the release of U.S. data showing core PCE inflation reached 3.1% in September and the Fed’s decision to hold benchmark interest rates at 3.75%–4%.