{"id":14246,"date":"2026-10-08T21:56:48","date_gmt":"2026-10-08T21:56:48","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=14246"},"modified":"2026-10-08T21:56:48","modified_gmt":"2026-10-08T21:56:48","slug":"bitcoin-slides-toward-80000-amid-1-billion-crypto-wipeout","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=14246","title":{"rendered":"Bitcoin slides toward $80,000 amid $1 billion crypto wipeout"},"content":{"rendered":"

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Bitcoin registered an intraday low near $80,000 as a cryptocurrency selloff triggered over $1 billion in liquidations, overwhelmingly hitting traders betting on higher prices.<\/p>\n

The largest cryptocurrency traded around $80,744 as of press time, down 3% over 24 hours and roughly 4% over the past week, extending a retreat from its recent attempt to reclaim $87,000.<\/p>\n

The decline triggered $1.16 billion in liquidations across the crypto derivatives market over the preceding 24 hours, according to CoinGlass data. Bullish positions accounted for $1 billion of that total, compared with $108 million in short positions.<\/p>\n

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Crypto liquidations reached $1.16 billion in 24 hours, led by $1.05 billion in longs as ETH and BTC bore the largest losses.<\/figcaption><\/figure>\n

The figures show how quickly the market’s positioning has deteriorated as falling prices force exchanges to close leveraged trades that can no longer meet collateral requirements. Such liquidations can accelerate a decline when exchanges sell assets or close long positions into an already weakening market.<\/p>\n

The pressure has intensified in recent hours. CoinGlass recorded nearly $700 million in liquidations over four hours, including $650 million in long positions. Overall, 166,769 traders were liquidated during the 24-hour period.<\/p>\n

Ethereum leads the over $1 billion liquidation rout<\/h2>\n

Although Bitcoin’s slide has dominated market attention, Ethereum has suffered the largest liquidation losses among major cryptocurrencies.<\/p>\n

CoinGlass data showed approximately $324 million in Ethereum positions liquidated over 24 hours, compared with $240 million in Bitcoin positions.<\/p>\n

Ethereum plunged below $2,500, down 4% over the same period, extending its weekly decline to approximately 9.3%.<\/p>\n

The largest individual liquidation occurred on Hyperliquid, where traders closed an ETH-USD position worth about $20 million.<\/p>\n

Losses spread across other major digital assets as the market unwound leveraged bullish exposure.<\/p>\n

Solana fell 7.2% over 24 hours to approximately $108.61, while XRP declined 5.7% to $1.35. BNB fell 4.9%, and Zcash posted one of the steepest declines among the largest cryptocurrencies, down 14%.<\/p>\n

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Related Reading<\/span><\/p>\n

Why Bitcoin\u2019s $80,000 rally just flipped from short squeeze to long squeeze<\/h3>\n<\/p>\n

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Heavier losses across several altcoins suggest the broader market is under more stress than Bitcoin’s percentage decline alone indicates.<\/p>\n

The development also comes after warnings that leverage across the altcoin market had become increasingly stretched.<\/p>\n

In its Oct. 7 weekly market report, Glassnode observed that a growing share of large-cap altcoins carried unusually elevated open interest relative to their market capitalization.<\/p>\n

The analytics firm said the proportion had reached its highest level since before the October 2025 crypto market crash.<\/p>\n

That positioning leaves traders vulnerable to further forced liquidations if prices keep falling before they reduce leveraged positions.<\/p>\n

Bitcoin’s newest investors rush coins to exchanges<\/h2>\n

The pressure is also visible in Bitcoin’s on-chain activity, where recently acquired holdings are increasingly moving toward exchanges.<\/p>\n

According to CryptoQuant, short-term Bitcoin holders transferred more than 50,000 BTC to exchanges at the 24-hour daily peak.<\/p>\n