Bitcoin drops below $84,000 as $550 million in crypto bets get wiped out
CIE News ·
Bitcoin fell to about $83,600 on Wednesday as roughly $550 million in crypto derivatives positions, primarily longs, were liquidated within 24 hours.
Bitcoin (BTC) declined as much as 2.4% on October 7 to roughly $83,600, breaking under the $84,000 threshold. Across the broader cryptocurrency market, roughly $550 million in leveraged positions were closed automatically over a 24-hour period, according to CoinDesk citing CoinGlass data. The liquidations mostly impacted traders holding long positions betting on higher prices.
Major alternative assets also declined during the pullback. Ether (ETH) fell nearly 4% to approximately $2,590, XRP dropped by around 4%, and Solana (SOL) lost more than 3%. Dan Khus, chief analyst at LVRG Research, described the market action as a leverage flush instead of a downward trend.
The decline coincided with broader pressure on risk assets as Brent crude rose past $101 a barrel and the 10-year Treasury yield moved above 5.3%. According to CoinDesk, the Federal Reserve will release minutes from its previous policy meeting later on Wednesday.