$450M in Crypto Liquidations as Bitcoin Plummets Amid Geo Tensions | Key Points | Oct. 02, 2024

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap: traders caught off-guard with rising geopolitical tensions.

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Here are the crypto highlights of the day:

Crypto Price Update

Bitcoin (BTC): $61,715.58, down 3.7% over the last 24 hours.
Ethereum (ETH): $2,486.515, down 6.3% over the last 24 hours.
Solana (SOL): $148.38, down 5.2% vs the previous day.

Trending Coins Update

Pixer Eternity: $0.0186, up 174.3% vs the previous day.
Moo Deng: $0.2487, up 81.6% over the last 24 hours. (Check out our article about this.)
Eigenlayer: $3.90, up 9.2% vs the previous day.

For the daily price update, check out our post on Facebook.

Feature News: $450M in Crypto Liquidations as Bitcoin Plummets Amid Geo Tensions

More than $450 million in crypto bets were wiped out in just 24 hours as bitcoin’s (BTC) price dropped due to rising tensions between Iran and Israel.

What’s the significance: A lot of traders were betting on bitcoin prices going up in October, but the sudden drop led to big losses.

This shows just how unstable the market can be, especially when global events cause uncertainty.

The numbers:

$450 million in total liquidations
$122 million in BTC losses
$100 million in ETH losses
$85 million lost on smaller cryptocurrencies, including $10 million from the memecoin pepe (PEPE)

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Liquidations happen when traders borrow money to make big bets, and the exchange forces them to sell if the market moves against them.

This can lead to a chain reaction, with more people selling and causing the price to drop further.

Still: Bitcoin did show signs of recovery, bouncing from a low of $60,300 to over $61,500. If the recovery continues, it might help traders regain confidence.

What to watch: The ongoing conflict in the Middle East, as well as the upcoming U.S. elections will continue to dominate headlines and affect market sentiment.

Philippine Crypto News 🇵🇭

SparkChain Network Node Key public sale is now open.
Coins.ph listed $HMSTR.
Gabby Dizon, Co-founder of Yield Guild Games, will be speaking at Binance Blockchain Week in Dubai.

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

Robinhood launched cryptocurrency transfer services in Europe, allowing customers in the European Union to deposit and withdraw over 20 digital currencies.
Arbitrum One, a Layer 2 rollup for Ethereum, surpassed 1 billion transactions since its launch in August 2021.
Metaplanet Inc. purchased an additional 107.9 bitcoin for approximately $6.9 million, raising its total holdings to 506.7 bitcoin.

Educational Corner 🎓

New month, new updates. Check out this updated List of Digital Banks with high interest rates in the Philippines.

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

A recent Harris Poll reveals that over half of U.S. voters prioritize candidates with knowledge of cryptocurrency.
Olumide Osunkoya pleaded guilty to illegally operating a crypto ATM network in the UK, marking the first conviction of its kind in the country.
Japan plans to review its cryptocurrency regulations, focusing on the effectiveness of its current approach under the payments act.

Community Spotlight 🔦

Meet Eli Becislao: He is a prominent figure in the web3 landscape in the Philippines.

He serves as the Industry Partnership Lead at Superteam Philippines, which is dedicated to accelerating the Web3 journey in the country and is part of the Solana Ecosystem.
In addition, Eli is the Managing Director of The BLOKC, an organization focused on promoting blockchain innovation and education.
He has been involved in several initiatives to advance blockchain technology and Web3, including partnerships with government agencies like the Department of Science and Technology.
He was also the latest guest of the BitPinas Webcast where the experience in Token 2049 was highlighted.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

Yodaplus presented its AI reporting platform, GenRPT, at the Dubai Web3 and AI Festival, showing how it helps users analyze data easily and connect with industry leaders.
SuperDapp successfully completed its IDO and token listing, launching the SUPR token to enable users to engage in AI-driven features and decentralized activities.
Cypher Capital invested $12 million in SecondLive, boosting its total funding to $15 million to enhance AI-driven virtual environments in the Metaverse.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

The Sandbox launched its first AdventureWorld LAND sale, featuring the Defender District inspired by Attack on Titan, running from September 26 to October 3, 2024.
The Open Network saw a 320% increase in new gaming titles in Q3 2024, reaching a total of 385 titles and becoming a leader in blockchain gaming.
X Empire ended its mining phase ahead of its token launch and airdrop after attracting 48 million players.