- The cryptocurrency market experienced $860 million in liquidations within 24 hours, primarily affecting Bitcoin and Ethereum.
- Bitcoin fell nearly 5% during October, underperforming in a month historically known for gains.
- Bitcoin traded around $110,100, remaining about 13% below its all-time high set earlier in the month.
- Analysts highlighted the risk of a deeper pullback, potentially pushing Bitcoin’s price towards $80,000.
- Major crypto-related stocks, including MicroStrategy, saw notable gains following strong Q3 earnings.
The broader cryptocurrency market faced a sharp drop, resulting in approximately $860 million in liquidations over a 24-hour period, according to CoinGlass data. The majority of these losses were tied to leveraged positions in Bitcoin and Ethereum. This activity coincided with a 1.1% decrease in the overall crypto market capitalization, which fell to about $3.76 trillion.
Bitcoin declined by almost 5% throughout October, despite a modest recovery in early Friday trading. As of the latest data, Bitcoin was priced near $110,100, about 13% lower than its record high of over $126,000 earlier in the month. Of the total liquidations, $303 million were attributed to Bitcoin, while Ethereum accounted for roughly $191 million. Other major tokens such as XRP and Solana were also significantly impacted.
Markus Thielen, CEO of 10x Research, described the market as being in a sideways trend. He noted, “Repeated failure near $117,000 and breakdowns below $110,000 raise the risk of a deeper pullback,” pointing to a potential drop toward the $80,000 level. Thielen added that Bitcoin is nearing the “apex of a narrow bull market structure,” and that a confirmed breakout could target $50,000 as a measured move.
Historically, October has been one of Bitcoin’s strongest months, delivering gains in 11 out of the past 16 years. The top October performance was seen in 2015 with a 93.7% jump, while the worst came in 2014 with a 12.2% decline.
Meanwhile, equities linked to the crypto sector surged after positive earnings reports. Shares of MicroStrategy rose over 6% in pre-market trading after reporting third-quarter revenue of $129 million, surpassing Wall Street estimates. The company’s adjusted earnings per share matched forecasts at $31.27. Shares of Bitmine Immersion Technologies and Coinbase also climbed following their own strong earnings announcements, with Coinbase posting $1.87 billion in revenue for the quarter.
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