Bitcoin appears to be the only one standing after the gruesome market crash on October 10.
KEY POINTS:
1.The crypto market crash of October 10 potentially recorded up to $400B in damages, with 80% of them in leveraged long trades.
2. Bitcoin pushes back to $115K after a 6.2% bounce-back, entering a 48-hour-long consolidation phase.
3. Altcoins are in full recovery mode, with XRP and Solana up 10% and 9% respectively in the last 24 hours, while Bitcoin Hyper continues a successful presale.
The cryptopocalypse wiped out 1.6M traders and more than $9B in leveraged positions, $7.5B of which were long, in just 24 hours, according to Coinglass data. The fallout across the entire market extended into the $19B-$40B range during that time.
But the truth may be even more catastrophic. Analyst aixbt says Coinglass estimates between $300B and $400B in unreported damages and that Binance’s risk metrics and liquidation heatmap are off by a factor of 10 to 20X.
The results were immediate. Bitcoin shaved 16% off of its tip, dropping below $110K, Ethereum crashed to $3.6K for a 14% loss, while XRP and Dogecoin lost 25% and 28% respectively.
The market lost nearly $800B in value after the market cap fell from $4.32T to $3.62T. Despite the bloodbath, Bitcoin is back on track, slowly pushing to $116K after entering a consolidation phase on Saturday.
This spells good news for Bitcoin Hyper’s ($HYPER) $23.3M presale, which also recovers lost ground after the market switches from fear to greed.
What Happened and Is Bitcoin All Right?
The wealth-shattering market implosion stemmed from one Truth Social post on October 12 at 11:50 PM: Donald Trump announcing a potential tariff of 100% on China, following China’s decision to impose its Export Control policy.
The market’s reaction was immediate. Traders panic-sold, causing the prices to drop, which fed the bears, which collapsed tens of billions in leveraged positions; the cryptopocalypse.
The fallout was so abrupt and severe that macro insights firm The Kobeissi Letter described it as ‘the largest liquidation ever, it was 9 TIMES the previous record.’ The post also said:
Where it gets even more crazy is that longs were liquidated at a 7:1 ratio to shorts, also historically high.
This means that the vast majority (likely 80%+) of the 1.6 MILLION traders who were liquidated were levered long.
—The Kobeissi Letter,Official X Post
The crash was so massive that Bitcoin’s V-shapped, following its first-ever $20,000 candlestick, led to a $380B contraction, larger than the valuation of most Fortune 500 companies.
However, Bitcoin’s 16% loss was smaller and shorter-lived than expected and we’re already seeing strong consolidation over the past two days.
The market is also green across the board over the last day, as the Fear and Greed Index is slowly pushing into the neutral zone.
With Bitcoin in recovery mode, Bitcoin Hyper’s presale is likely to see a surge in investor participation as traders regain their footing ahead of Q4’s crypto bull.
How Bitcoin Hyper Turns Bitcoin Faster and More Scalable
Bitcoin Hyper ($HYPER) is the Layer 2 that Bitcoin needs to upgrade itself to modern standards.
Bitcoin’s most pressing problem is its native limitation of seven transactions per second, which is responsible for slow and expensive transactions and lack of scalability.
The fee-based priority system is also a direct consequence of that, forcing smaller transactions with lower fees at the bottom of the queue line.
Bitcoin Hyper aims to change that with the help of tools like the Solana Virtual Machine (SVM) and the Canonical Bridge.
While SVM boosts the execution speed of smart contracts and DeFi apps, the Canonical Bridge addresses the lagging confirmation times directly.
Once the Bitcoin Relay Program confirms incoming transactions, which happens near instantly, the Canonical Bridge mints the users’ Bitcoins into the Hyper layer. The users can then either use their wrapped Bitcoins on the Layer 2 or withdraw them to Bitcoin’s native Layer 1 at will.
Long-term, Hyper promises to make the Bitcoin network faster, cheaper, and more scalable, making it a more feasible choice for institutional investors with a processing power of thousands of transactions per second.
The presale is seeing massive investor participation, managing to raise over $23.3M since it started. $HYPER is now selling for $0.013105, but this is likely to change once the project goes public.
Our price prediction for $HYPER puts the coin at $0.2 by the end of the year and $1.2 or higher by 2030. This translates to a potential 9,056% five-year ROI if you invest at today’s price.
If you want to invest or diversify your portfolio with a promising utility token, read our how to buy $HYPER guide here and go to the presale page to secure your stack today.
Disclaimer: This content has been supplied by a third party contributor. Brave New Coin does not endorse or promote any products or services mentioned herein. Readers are encouraged to conduct independent research before making any financial decisions. The information provided is for informational and educational purposes only and should not be interpreted as investment advice.
