A crypto crash is occurring today, November 4, as investors stay away, liquidations surged, and open interest plummeted. Bitcoin price fell below crucial support at $106,000, while the market capitalization of all cryptocurrencies fell more than 4% in the last 24 hours to reach over $3.6 billion.
Crypto Crash Happened Today as Fear Persisted
Major coins were in the red, with Dogecoin price plunging 45% from its September high to currently hit $0.1667. Shiba Inu price fell to $0.0000091, while Pepe Coin fell below key support at $0.0000059, its lowest level since October 11.
Dogecoin, Shiba Inu and Pepe Price Chart | Source: TradingView
Some of the other major laggards in the crypto market were tokens like Bitget Token (BGB), Aster, Aptos, Optimism, and Cosmos, which fell more than 15% in the last 24 hours.
The main reason the crypto market has crashed even as the stock market has surged is because investors are still afraid to buy while memories of last month’s selloffs linger.
As a result, the Crypto Fear and Greed Index plunged into the fear zone of 35, a sign that investors are very cautious about opening new trades. Additionally, liquidations continued to rise this month, with the 24-hour figure increasing 686% to over $1.29 billion.
More than 334,000 traders were liquidated, with the largest victim losing more than $33 million in tokens as his Bitcoin trade went bad. In total, Ethereum positions worth over $329 million were liquidated in the last 24 hours, while Bitcoin transactions worth over $324 million were closed. Dogecoin positions worth over $66 million were liquidated in the last 24 hours.
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The crypto crash also occurred as investors reduced their leverage as fear persisted. Data compiled by CoinGlass shows that futures open interest in the crypto market continued to decline this week. It fell 4.25% in the last 24 hours to over $149 million.
Why Shiba Inu, Pepe Coin and Dogecoin are diving
Cryptocurrencies like Dogecoin, Pepe Coin, and Shiba Inu are also falling due to their own challenges. DOGE fell as the recently launched REX-Osprey Dogecoin ETF (DOJE) failed to add substantial assets in recent weeks.
Shiba Inu is experiencing low burn rate, increased whale sales, and issues with Shibarium, its layer 2 network.
Pepe Coin price also plunged as the token formed the very bearish head-and-shoulders pattern on the daily chart. This pattern began to form in March of last year and has now moved below the neckline position of this pattern.
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