The current slump follows a crash on Tuesday night when the asset lost nearly $2,000 in 20 minutes, wiping out $400 million in long positions in under one hour. On-chain data from Lookonchain reveals four newly created wallets deposited 1 million USDC into Hyperliquid to open 40x shorts worth $12.5 million just before the drop. The market volatility coincides with bond yields hitting 24 year highs and comes ahead of the release of the Federal Reserve's September meeting minutes.
Wednesday, October 21, 2026
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Bitcoin Drop Below $83,000 Wipes Out $608M in Longs
Crypto14 days ago
The leading digital currency extended a steep price decline on October 7, breaking several key support zones and crushing leveraged traders. Bitcoin slipped below $83,000 on Tuesday, contributing to a surge in total cryptocurrency liquidations that hit $608 million. Ether also declined to as low as $2,550, with a single $26.64 million ETHUSDC order on Binance marking the largest individual liquidation of the selloff. Prediction markets now assign a 25% probability that Bitcoin will drop below $75,000 this month.
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