Crypto market sees $1B liquidated after Federal Reserve minutes
CIE News ·
Crypto derivatives liquidations hit $1 billion as Bitcoin dropped below $81,000 following the Federal Reserve's September FOMC minutes, with long positions accounting for roughly 93.7% of wiped positions.
Crypto derivatives liquidations reached approximately $1 billion over the 24-hour period leading into October 9, with roughly 93.7% of forced closures hitting long positions. The market-wide selloff followed the October 7 release of the Federal Reserve's September FOMC minutes, which showed most participants viewed another interest rate increase before year-end as probable. Following the release and hawkish commentary, Bitcoin (BTC) dropped over 2.7% to lows between $80,800 and $81,162.
Broader altcoins also saw sharp drawdowns alongside the leverage flush. Ethereum (ETH) declined over 5% toward $2,430 to $2,490, Solana (SOL) dropped to approximately $108, and XRP fell over 6%. According to CryptoSlate, CoinGlass recorded more than $930 million in liquidated longs as BTC crossed beneath modeled liquidation bands between $81,700 and $83,300, while the 10-year Treasury yield climbed to 5.305% on October 8.
CoinMarketCap reported that the total crypto market capitalization declined about 1.1% over a 24-hour window before stabilizing. Mid-cap assets like Injective (INJ) quickly rebounded 4.2% off intraday lows once liquidations slowed. CryptoSlate noted that upcoming macroeconomic milestones include the September CPI release on October 14, followed by FOMC meetings scheduled for October 27–28 and December 8–9.