The cryptocurrency market suffered a sharp downturn over the past 24 hours, with nearly $470 million in positions liquidated as major coins posted significant losses. The sell-off wiped more than $100 billion from total market capitalisation, reflecting a 3.23% decline as traders braced for a volatile week ahead of key U.S. economic events.
According to CoinMarketCap, Bitcoin dropped about 3% from a daily high of $110,764 to around $107,000. The fall triggered an even deeper slide across altcoins, with Ether (ETH) plunging 5.8% to $3,680, XRP shedding 5% to $2.38, BNB slipping 5.7% to $1,029, and Solana (SOL) taking the hardest hit with a 6.5% drop to $174 as of 6:50 AM UTC.
The correction follows several market-moving developments, including the Federal Reserve’s recent rate cuts, suspicious whale activity involving large Bitcoin transfers, and growing controversy surrounding the MEXC exchange. MEXC came under scrutiny after traders accused the platform of freezing withdrawals and raised fears of possible insolvency. In response, the exchange published a proof-of-reserves report on Sunday, claiming full asset backing to reassure users.
Data from CoinGlass shows that the 24-hour liquidation total reached roughly $470 million. Ether led the wipeout with $112 million in liquidations, followed by Bitcoin, Solana, Astar, and Dogecoin. Binance accounted for the largest share of forced liquidations, totaling around $140 million, while Bybit followed closely with $110 million. Hyperliquid, a rapidly growing decentralized derivatives exchange, contributed about $101 million—signalling its rising role in leveraged trading as users seek alternatives to centralized platforms.
Market analysts suggest that the downturn may be tied to traders rebalancing their positions ahead of the U.S. market opening on Monday. Historically, early-week sessions tend to bring heightened volatility, often leading to short-term sell-offs. The drop in Bitcoin’s open interest also indicates that traders are scaling back exposure and preparing for potential shifts in market sentiment.
Adding uncertainty to the outlook is an upcoming speech by Federal Reserve Governor Lisa D. Cook on Tuesday, November 4, where she is expected to discuss the economic outlook and monetary policy. The following week’s Federal Open Market Committee (FOMC) meeting on November 6–7 could further influence risk assets, including cryptocurrencies and equities, depending on the Fed’s tone regarding future rate decisions.
