Bitcoin has dropped below the $80,000 threshold, triggering massive cascade liquidations across the broader market. Over $837 million in total crypto leverage has been wiped out over the last 24 hours as bearish pressure intensifies.
đ Market & Price Action
Bitcoin Breakout Downward: BTC slid to $79,464, falling below the average price that corporate treasuries paid per coin. This marks its lowest price point since mid-September.
Leverage Wipeout: More than $200 million in positions unwound in just one hour today. Over 82% of the daily liquidations were long bets from bullish traders caught off guard.
Altcoin Retreat: Altcoins took heavy hits alongside BTC. Solana (SOL) dropped over 5% to $98.92, while Zcash (ZEC) led top-10 losses by sliding over 8% to $1,124.36.
ETF Exodus: Massive spot Bitcoin ETF net outflows of $636 million completely erased the previous days' momentum, adding heavy sell pressure.
đ Global Regulation & Legal Updates
Argentina: An investigation into President Javier Milei regarding an alleged crypto token promotion on X (formerly Twitter) was dropped. The presidency maintained he was not involved in the projectâs development.
United States: New York's Attorney General is seeking a $1.37 billion judgment against the founders of the NovaTech crypto platform, following allegations of a massive Ponzi scheme that impacted thousands of victims.
South Korea: The Bank of Korea announced plans to amend its foreign exchange laws to formally regulate stablecoins as legitimate payment instruments.
Israel: Controversy erupted after Prime Minister Benjamin Netanyahu proposed utilizing digital assets to bypass international restrictions, a concept the Bank of Israel immediately rejected.
⥠Macro Risks to Watch Next Week
Oil & Inflation: Brent crude closing at $116.72 raises fears of prolonged global inflation, which historically drains liquidity from risk assets like crypto.
Central Bank Focus: The Federal Reserve meets on October 27â28, followed closely by Core PCE inflation data on October 29, which will heavily dictate market direction.
đ Market & Price Action
Bitcoin Breakout Downward: BTC slid to $79,464, falling below the average price that corporate treasuries paid per coin. This marks its lowest price point since mid-September.
Leverage Wipeout: More than $200 million in positions unwound in just one hour today. Over 82% of the daily liquidations were long bets from bullish traders caught off guard.
Altcoin Retreat: Altcoins took heavy hits alongside BTC. Solana (SOL) dropped over 5% to $98.92, while Zcash (ZEC) led top-10 losses by sliding over 8% to $1,124.36.
ETF Exodus: Massive spot Bitcoin ETF net outflows of $636 million completely erased the previous days' momentum, adding heavy sell pressure.
đ Global Regulation & Legal Updates
Argentina: An investigation into President Javier Milei regarding an alleged crypto token promotion on X (formerly Twitter) was dropped. The presidency maintained he was not involved in the projectâs development.
United States: New York's Attorney General is seeking a $1.37 billion judgment against the founders of the NovaTech crypto platform, following allegations of a massive Ponzi scheme that impacted thousands of victims.
South Korea: The Bank of Korea announced plans to amend its foreign exchange laws to formally regulate stablecoins as legitimate payment instruments.
Israel: Controversy erupted after Prime Minister Benjamin Netanyahu proposed utilizing digital assets to bypass international restrictions, a concept the Bank of Israel immediately rejected.
⥠Macro Risks to Watch Next Week
Oil & Inflation: Brent crude closing at $116.72 raises fears of prolonged global inflation, which historically drains liquidity from risk assets like crypto.
Central Bank Focus: The Federal Reserve meets on October 27â28, followed closely by Core PCE inflation data on October 29, which will heavily dictate market direction.