Crypto market wipes out $60 billion in 1 hour

The cryptocurrency market endured a sharp pullback on October 7, shedding roughly $60 billion in total value within a single ￰0￱ to data retrieved by Finbold from CoinMarketCap , the global market capitalization dropped from $4.30 trillion at 3:00 ￰1￱ to $4.24 trillion by 4:00 ￰2￱ market flash crash.), Solana (SOL), and XRP each registered intraday ￰3￱ sole exception was BNB, which remained up 7% in the past 24 hours, highlighting ongoing rotation into exchange-native and regulatory-favored ￰4￱ retracement comes after a relentless multi-week rally that saw Bitcoin climb nearly 20% since late ￰5￱ note that the dip reflects a round of profit-taking by traders and potential whale repositioning after BTC repeatedly stalled at the $125,000–126,000 resistance ￰6￱ a technical perspective, a close below Tuesday’s low near $121,000 could extend losses toward $117,000, the level where on-chain data shows approximately 190,000 BTC last changed hands, forming a strong support ￰7￱ positioning suggests the pullback is more consolidation than ￰8￱ interest across major futures venues remains steady at $2.9 billion, down only 4.36% week-on-week.

Meanwhile, spot ETF inflows continue to pour in, with $1.21 billion added across ￰9￱ funds on October 6, led by BlackRock’s ￰10￱ are now eyeing Bitcoin can defend the psychologically key $120,000 handle as the market heads into Wednesday’s release of the FOMC minutes.