Over 1.64 million traders liquidated as cryptocurrencies plunge across the board 📉
Crypto Market Plunges: Over 1.64 Million Traders Liquidated as Bitcoin Drops Below $110,000
On October 11, the cryptocurrency market experienced a sharp sell-off, with Bitcoin briefly falling below $110,000—a drop of 9%. As of the time of reporting by Jiemian News, Bitcoin was trading at $111,933, down 8.08%.
According to data from Coinglass, over the past 24 hours, approximately 1.644 million traders worldwide were liquidated, resulting in total liquidations amounting to $19.216 billion.
The sell-off coincided with renewed geopolitical and trade tensions. As reported by the Securities Times, former U.S. President Donald Trump threatened to impose significantly higher tariffs in response to stricter export controls on rare earth minerals by other nations. His remarks on Friday stoked investor concerns that trade relations between major global powers could further deteriorate.
Since the start of 2025, Bitcoin has seen multiple bouts of volatility. It began the year fluctuating around the $95,000 mark, dipped below $80,000 in April, and then embarked on a sustained rally—breaking through key psychological levels of $100,000, $110,000, and $120,000 in succession and repeatedly setting new all-time highs.
This upward momentum has been supported by several factors, including strong inflows from institutional investors and Bitcoin’s growing integration into the global financial system.
Sid Powell, CEO and Co-Founder of Maple, a crypto asset management firm, noted that the sustainability of Bitcoin’s rally will largely depend on macroeconomic conditions and any new developments in global trade policy.
In a related outlook, Deutsche Bank predicts that, amid accelerating de-dollarization and surging safe-haven demand, both Bitcoin and gold could become significant components of central bank reserves by 2030. The U.S. dollar’s share of global central bank reserves has already fallen to 41%, while global gold reserves have surpassed 36,000 metric tons. Recently, gold prices have climbed above $4,000 per ounce, and Bitcoin has neared its all-time high—both assets seeing record inflows into their respective ETFs.
Meanwhile, Bitwise has released a new long-term forecast for Bitcoin, targeting a price of $1.3 million by 2035, driven primarily by institutional demand and Bitcoin’s fixed supply cap. Published as part of Bitwise’s “Long-Term Capital Market Assumptions,” the report projects an annual compound growth rate (CAGR) of 28.3% for Bitcoin over the next decade—far outpacing traditional assets such as equities (6.2%), bonds (4.0%), and gold (3.8%).
The report also outlines multiple scenarios: in an optimistic case, Bitcoin could achieve a CAGR of 39.4%, while a pessimistic scenario could see growth slow to just 2% annually.
#Bitcoin
#CryptoMarketCrash
#Cryptocurrency
#FinancialMarkets