Cryptos are recovering this morning after Bitcoin fell nearly US$2,000 in less than half an hour, a possible sign that dangerous amounts of leverage are creeping back into the market as traders expect a big November.

BTC fell from just under US$62,000 to just under US$60,000, a two-day low, around 9.30am AEST. Many altcoins dropped even more.

Over 57,715 leveraged positions with a total face value of US$230 million had been liquidated, according to ByBt. That’s a six-day high.

At lunchtime (Sydney time), Bitcoin had recovered to US$60,800, although that’s still down 3.3 per cent from where it was 24 hours ago.

The overall crypto market had fallen 1.7 per cent to US$2.58 billion, with Ethereum down 1.3 per cent to US$4,174.


Holo (HOT) was the biggest winner in the top 100, rising 19.5 per cent.

Shiba Inu token had risen 16.9 per cent to US$0.00482, resuming its quest to overtake Dogecoin as the premier meme coin.

Helium, Cosmos, Enjin Coin and Theta Fuel were all up by double-digits as well.