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Cryptocurrency markets have recently weakened, after October saw the largest
the largest liquidation of digital tokens in history following the United States' threats to impose triple-digit tariffs on China and tighten software export controls.
On October 10, concerns about the repercussions of these statements led to over $19 billion in liquidations across leveraged financial centers in the cryptocurrency sector.
Analysts noted that this was the largest wipeout in a 24-hour period ever seen in the cryptocurrency market, nine times the size of the liquidation in February and 19 times larger than another one in 2020.
Bitcoin, the largest cryptocurrency in the world, later fell to record its first monthly loss since 2018 in October, even as stock indices rose thanks to enthusiasm around artificial intelligence applications.
That enthusiasm for artificial intelligence waned somewhat last week as investors worried about the sustainability of high valuations in the tech sector, and the decline in risk appetite did not help boost Bitcoin.
On Wednesday, Bitcoin briefly dipped below the desirable $100,000 level, at one point retreating to its weakest level since mid-June. Bitcoin also entered a bear market, having fallen more than 20% from its all-time high in early October of $126,186.0.
Analytics firm CoinGlass also showed that more than $1.27 billion in leveraged positions across cryptocurrencies was wiped out earlier this week. The majority of these liquidations were from long positions, with traders who bet on further price gains in Bitcoin affected by the currency losses.
In a note to clients, City analysts added that data showed a gradual decline in Bitcoin 'whales,' or large holders of the cryptocurrency, while smaller 'retail' wallets grew.
"Some long-term major holders may have turned into sellers. Diminishing funding rates may also indicate a decrease in demand for leverage," said City analysts including Alex Saunders and Nathaniel Roberts.
"Technically, things are not looking brighter with Bitcoin trading now below its 200-day moving average, which is also likely to curb demand. We still believe we are at the beginning of the adoption cycle for financial advisors and other investors, but flows from exchange-traded funds will be the key to watch for a change in sentiment," they added $BNB
