Cryptocurrency Crash: 2024 Gains Wiped Out

The cryptocurrency market is experiencing a crash, with 2024 gains being wiped out. According to CoinGecko, the total market capitalization reached $4.4 trillion on October 6, but has since declined by 20%.

The downturn began after massive liquidations of $19 billion, shaking investor confidence. Bitcoin lost the critical 200-day moving average and is trading around $101,000.

Losses are more pronounced in altcoins. SignalPlus's Oguzhan Fan notes that the crypto market is weak outside of Bitcoin and Ether, with limited participation from the investing public due to security and regulatory concerns.

BTSE's Jeff May warns of a potential drop in Bitcoin below $100,000 in the event of a correction in artificial intelligence stocks. Despite the fatigue, Bitcoin and Ether spot ETFs in the US recorded inflows of $253 million on Thursday.