Bitcoin (BTC) extended its slide below $102,000 on Wednesday, dragging major altcoins down with it as investors pivoted toward traditional assets ahead of the U.S. House vote to end the government shutdown. The pullback reflects a broader risk-off sentiment that's hitting crypto particularly hard.
Here's where major cryptocurrencies stood: Bitcoin at $101,744.93, Ethereum (ETH) at $3,445.13, Solana (SOL) at $153.71, XRP at $2.34, Dogecoin (DOGE) at $0.1696, and Shiba Inu (SHIB) at $0.00009628.
Market Carnage
The downturn triggered massive liquidations across crypto markets. Coinglass data shows 163,808 traders were liquidated in the past 24 hours for a staggering $638.01 million. Top losers over the period included AB, Decred, and Sky.
What Traders Are Saying
Crypto trader Kevin pointed out that Bitcoin's pullback is largely leverage-driven, with overextended long positions getting flushed out amid thinning liquidity and persistently high funding rates. He noted that declining volume signals a typical corrective phase that could wrap up in the coming weeks.
Crypto chart analyst Ali Martinez reported something more concerning: Bitcoin whales have shifted from accumulation to distribution mode, offloading over 80,000 BTC since October 28. That's a meaningful change in behavior from the market's biggest players.
Altcoin Sherpa expects a short-term bounce but says Bitcoin remains range-bound overall, advising patience to avoid getting caught in choppy action.
Crypto trader Jelle noted that Bitcoin is testing crucial support levels again, warning that a break below $100,000 would give bears clear control and risk a deeper short-term decline.
Broader Crypto Developments
Meanwhile, the crypto world keeps spinning. Anthony Scaramucci suggested the TON token offers an indirect bet on Telegram's ecosystem and could hit $10 in what he calls a contrarian play challenging Visa and PayPal. Speaking of Visa, the payments giant launched stablecoin payouts for the gig economy. Circle's record Q3 stunned investors with a 202% profit surge, though it didn't lift CRCL. And JP Morgan rolled out its JPM Coin token to institutional clients via Coinbase's blockchain.
One Morgan Stanley analyst offered blunt advice: take profits on Bitcoin because it's "fall season" for crypto.
