Here’s What Investors Need to Know About This Weekend’s Massive Crypto Rout
Key Takeaways
- The price of bitcoin briefly sank below $110,000 on Oct. 10 amid what traders are calling the largest single-day liquidation event in crypto history.
- Lesser known coins’ prices fell 80% over the weekend, and crypto-linked stocks are swooning so far Tuesday.
U.S.-China trade tensions triggered a sell-off in bitcoin and altcoins on Friday. Now the industry is calling it the largest single-day purge in crypto history.
More than $19 billion in leveraged crypto bets were liquidated over a 24-hour period that ended Saturday evening, affecting some 1.6 million traders, according to research platform Coinglass, which called its estimate conservative and the real total “likely much higher.”
Bitcoin, which had been grinding…
