Crypto crash liquidates another $1bn as market bears ‘macro stress’

Market Overview - Crypto markets experienced a significant downturn, with $1.2 billion in leveraged positions liquidated [1] - Bitcoin exchange-traded funds (ETFs) faced outflows exceeding $500 million, while Binance users withdrew $185 million from the exchange [1] Macro Factors - Global trade tensions, the US government shutdown, and ongoing outflows from Bitcoin ETFs have contributed to a "risk-off" environment [2] - The next critical psychological support level for Bitcoin is identified at $100,000, with potential stabilization if this level holds [2] Long-term Outlook - Despite recent price fluctuations, there is strong conviction in Bitcoin as a utility asset rather than merely a store of value [3] - Bitcoin is expected to align more closely with other financial markets as it integrates into the global financial system [3] Political and Economic Influences - Analysts at Citrini Research indicated that Trump's trade strategy will continue to be a significant source of market volatility [4] - The upcoming US Federal Reserve policy meeting on October 29 is anticipated by traders [4] Interest Rate Expectations - CME Group's FedWatch tool indicates a 97% probability of a 0.25% rate cut, which would increase liquidity in the financial system [5] Current Market Performance - Bitcoin has decreased by 6.5% over the past 24 hours, trading at $104,085 [7] - Ethereum has also seen a decline of 9% in the same period, trading at $3,697 [7]