Citi: October's major liquidation event severely damaged investor sentiment

Citi has attributed the recent decline in cryptocurrency prices to a large-scale liquidation event on Oct. 10, falling demand for exchange-traded funds (ETFs), and worsening technical indicators, according to CoinDesk. The bank explained that the October forced liquidation event was the worst on record, significantly damaging investor confidence. It added that this could lead long-term investors to begin selling their holdings.