The selloff aligns with US Treasury yields breaking 24 year highs and comes before the Federal Reserve releases its September meeting minutes. On-chain data shows four newly created wallets deposited 1 million USDC each into Hyperliquid to open 40x shorts worth $12.5 million just before the decline. Prediction markets now assign a 25% probability that Bitcoin will fall below $75,000 by the end of the month.
Tuesday, October 20, 2026
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Bitcoin Erases October Gains and Triggers $608M in Liquidations
Crypto13 days ago
The price of the top cryptocurrency dropped below $83,000 late Tuesday, causing the market to focus on $81,300 as the next critical floor. Total crypto liquidations hit $608 million in two hours, including $487.2 million from long positions over a 24 hour window according to CoinGlass. Ether also fell to $2,614, with a single 26.64 million ETHUSDC order on Binance marking the largest individual liquidation of the crash.
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