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The cryptocurrency market on the afternoon of October 27 recorded a large dump, causing the price of Bitcoin to drop to $ 58,000.
At around 03:00 PM on October 27, the cryptocurrency market recorded its first sharp drop after a massive October rally.
Many of the top coins recorded a drop of 5-10%. Bitcoin (BTC) decreased from 60,700 USD to 58,000 USD. Ethereum (ETH) broken from 4,300 USD to 3,930 USD.
The hardest hit are probably the coins that have just set up ATH in the past time, typically SOL, ONE, FTM, NEAR,…
Shiba Inu (SHIB) then sold off from today’s all-time high of $0.00005959 to just $0.00004650, before recovering at press time.
The reason for this correction is still unknown, so this is likely another example of positions being liquidated suddenly, creating a “snowball” effect on the derivatives market. Several experts this week have warned that the ratio of longs is overwhelming short on futures exchanges, inevitably leading to a correction to rebalance the market.
According to statistics, in the last 1 hour, there were nearly 544 million USD of cryptocurrency futures orders liquidated, with 95.5% of long orders.
Even so, the market right now still has a cryptocurrency “flying against the storm” as 1inch (1INCH). While other coins were corrected, 1INCH maintained today’s 70% gain to reach $7.73, close to the record high of $7.8 set on May 8.
Besides 1INCH, another DeFi coin is Aave (AAVE) is also growing 23% at press time. The reason these two coins are growing strongly is because they are listed on the Korean Upbit exchange.
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