UPDATE: Bitcoin drops to $80,507 as market liquidations surpass $1.1 billion
CIE News ·
Bitcoin fell to an intraday low of $80,507 on October 8, 2026, as total crypto market liquidations escalated past $1.1 billion, wiping out roughly $896 million in bullish leverage.
Total crypto liquidations escalated past $1.1 billion over 24 hours as Bitcoin (BTC) slid to an intraday low of $80,507 on October 8, 2026. As previously reported, market contractions had initially triggered $717.58 million in liquidations when BTC dropped below $83,000, but subsequent selling pushed prices lower after BTC shed over $1,500 within a single hour. CoinGlass data indicates that more than $896 million of the wiped-out positions were long bets, while Bitcoin.com News reported that Ether (ETH) led asset-specific losses with $333 million liquidated.
The decline extended across the broader market, with ETH dropping 5.3% to $2,413 and Solana (SOL) falling 9.06% to $106.13. Crypto-related equities also retreated during midday trading, as Riot Platforms shed more than 9% and Strategy declined over 2%. Bitcoin's overall market capitalization shrank from $1.74 trillion earlier in the week to roughly $1.62 trillion.
Macroeconomic headwinds contributed to the downturn, with CryptoSlate reporting that the U.S. 10-year Treasury yield climbed to 5.305% while Brent crude oil reached $104.87 a barrel. Federal Reserve Governor Christopher Waller highlighted futures pricing that reflects an 85% probability of at least one interest rate hike by December, keeping borrowing costs elevated across risk assets.