Bitcoin slides below $81,000 triggering massive crypto liquidations
On October 8, Bitcoin breached the $81,000 support level, falling to around $80,744. The drop was accompanied by a wave of forced liquidations across the crypto derivatives market, with billions of dollars wiped out. The sell‑off spread to major altcoins, including Ethereum, XRP, Solana and Dogecoin, which all posted double‑digit percentage losses. Analysts linked the move to rising U.S. Treasury yields, higher oil prices, geopolitical tension over Iran and large U.S. government Bitcoin transfers.
Why it matters
The price break and the liquidation cascade increase selling pressure on Bitcoin and other digital assets, likely depressing prices further in the short term (the companies note the liquidations could accelerate declines). Crypto‑related equities such as Coinbase (COIN) and Circle (CRCL) also fell, reflecting broader market impact.
Key facts
- 1Bitcoin fell to around $80,744, below the $81,000 support level. cryptorank.io
- 2Liquidations across crypto derivatives exceeded $1.16 billion in the 24‑hour period. cryptorank.io
- 3Ethereum saw about $324 million in liquidations and slipped below $2,500. cryptorank.io
- 4XRP declined 5.7% to $1.35 after the sell‑off. cryptorank.io
- 5U.S. Treasury 30‑year yield reached a 24‑year high of 5.73% before easing to around 5.65%. finance.biggo.com
- 6West Texas Intermediate crude rose to $93.20 per barrel, Brent to $105.88 per barrel. finance.biggo.com
Open questions
- Liquidation totals differ across sources: $550 million (material 2), $480 million (material 3), $489 million (materials 4 and 8), $1.0 billion (material 5), $1.1 billion (material 6), $1.16 billion (material 7).
Summary written by AlphAI from 8 of 8 sources. Not investment advice. Figures are as stated by the linked sources.