On October 22, the total cryptocurrency market capitalization fell by approximately 1.5%, reversing gains from previous days. This downturn is linked to risk-off sentiment in the market, with the S&P 500 and Dow Jones indexes showing declines influenced by a strong US dollar and concerns over Federal Reserve rate cuts. Bitcoin and Ether also saw losses of around 1.6% and 2.8%, respectively. In the last 24 hours, long traders faced about $171.2 million in liquidations, which added to selling pressure across the crypto market, leading to a total of $201 million in liquidations. The overall market structure signals potential further losses, as the market cap trades within a descending channel, indicating a risk of drop toward $1.89 trillion if current support levels fail to hold. Although traders remain bullish on most top coins, technical factors suggest a challenging outlook ahead.

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