The cryptocurrency market opened November with heavy losses after today’s session saw over $1.2 billion in leveraged positions wiped out within 12 hours (so far).

At the time of writing, Bitcoin has dropped over 4 percent to $105,699 (3-week low) while Ethereum plunged 7 percent to $3,583 (near 3-month low). Most of the liquidations, totaling $1.08 billion, were long positions betting on price gains.

Altcoins saw even steeper declines. XRP went down by 7 percent to $2.33. BNB, Solana, and Dogecoin each have slipped around 9 percent.

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The downturn follows a disappointing October that failed to deliver the anticipated “Uptober” rally.

Many crypto players are somewhat reluctant to stake big this month. According to a few research houses, November data is a bit complicated.

Many traders on X (formerly Twitter) have revealed that they have made precautionary withdrawals in case a plunge is likely. So far, investors have withdrawn over $1.2 billion in the past 12 hours. More liquidations could happen as trends persist.