Global #liquidations

The Open Interest (OI) weighted funding rate for Bitcoin has surged to 0.012%, a level not seen since July 27, when Bitcoin briefly touched $68,000.

As of Saturday, October 12, the total cryptocurrency market capitalization has surged by 2% over the past 24 hours, reaching approximately $2.28 trillion during the early European session.

Bitcoin experienced a significant dip, falling to a three-week low of $58,900. This decline coincided with a recent surge in whale selling, totaling over 30,000 BTC in the past three days.

As of September, CoinGecko reports that the cryptocurrency ecosystem is significantly influenced by stablecoins, with Ethereum managing approximately $84.6 billion, representing 49.1% of the overall stablecoin supply.

As October dawned, analysts and investors were filled with optimism, expecting a repeat of the historical bullish trend known as “Uptober.” However, this optimism was quickly overshadowed by shocking market movements, leading some observers to dub the month “Rektober.”

Bitcoin (BTC) is making headlines as it dominates the charts with a staggering $75 million in liquidations following a 2.9% price increase. Currently trading around the $62,000 mark, Bitcoin’s recent price action has led to significant market movements.