Bitcoin dropped by 5 per cent on Thursday morning, triggering more than $800 million in cryptocurrency liquidations over the previous 24 hours.
Data from Coinglass showed that 166,704 traders had their positions liquidated, with total losses reaching $837.99 million.
Bitcoin traded at $76,555.77, while Ethereum stood at $2,280.01. Solana changed hands at $91.20, while XRP traded at $1.26. Dogecoin and Shiba Inu were priced at $0.07271 and $0.054544, respectively.
Despite the market decline, spot Bitcoin exchange-traded funds recorded net inflows of $74.57 million on Wednesday, according to SoSoValue. Spot Ethereum ETFs also attracted $53.02 million.
Among the biggest cryptocurrency losers over the past 24 hours were Bitway and World Liberty Financial.
Crypto industry expert Benjamin Cowen warned that Bitcoin could face another major sell-off in the fourth quarter. He pointed to weakening stock markets, a hawkish US Federal Reserve, rising trade tensions between the United States and China, and concerns over artificial intelligence valuations.
Cowen said these conditions resembled the 2018 bear market and could put further pressure on cryptocurrency prices into December. He also noted that the Nasdaq had erased its post-midterm gains, falling another 4 per cent on Thursday.
Meanwhile, trader KillaXBT said Bitcoin faced strong resistance after retesting a previous break-of-structure level. The rejection wiped out nearly all its recent gains, making a sustained recovery difficult.
However, crypto analyst Ali Martinez identified positive signals for XRP, including exchange outflows, whale accumulation and a possible inverse head-and-shoulders pattern.
He said a break above the $1.60 neckline could confirm the bullish formation and create room for a rise towards $2.10. The outlook remains unconfirmed until XRP clears that level.
