Bitcoin’s Historically Bullish October Ends with a Fall
Bitcoin (BTC) posted a 10.76% gain in October, the strongest month in history, but the leading cryptocurrency fell as low as $68,800 on Thursday, with Ethereum (ETH) dropping 6% and Solana (SOL) plummeting 5%.
The Crypto-Gaming ecosystem project, Immutable (IMX), saw a 15% drop in the last 24 hours, while memecoins such as DOGE, WIF, and MOG experienced 10-12% losses.
Negative sentiment also affected stocks, with the S&P 500, Nasdaq, and Dow Jones Industrial Average falling 1.8%, 2.4%, and 2.1%, respectively.
Technology stocks, including Microsoft (MSFT), Nvidia (NVDA), and Apple (AAPL), dropped 6%, 4.7%, and 1.8%. The S&P 500 ended October in the red, closing at 5,700.
Nearly $300 million in leveraged positions were liquidated, with $260 million affecting long positions and $30 million affecting short positions.
The stock market suffered significant losses, with $953 billion disappearing from the traditional market. This marks the largest drop in the American stock market since September.
Despite BlackRock’s spot Bitcoin ETF seeing inflows of nearly $320 million, other asset managers experienced outflows of almost $250 million. The sudden drop affected the price of Bitcoin (BTC), which trades at $69,300.
