Overnight on October 7, Bitcoin plunged below $84,000: on Binance, its price fell to $83,556 before partially recovering. At the time of writing, the leading cryptocurrency is trading near $84,220.

The move was accompanied by widespread liquidations of long positions. Positions worth $550.3 million were liquidated over the past 24 hours, including $479.6 million in longs.

The move was particularly sharp over a four-hour period: the volume of liquidated positions reached $429.8 million, of which around $415.3 million were longs. Separately, CoinGlass recorded around $143 million in Bitcoin futures liquidations over 24 hours as of the morning of October 7.

Ethereum briefly fell to $2,591. At the time of writing, the second-largest cryptocurrency by market capitalization is holding above $2,615.

Following the market leaders, almost all of the top 10 assets by market capitalization entered the “red zone.” ZEC is the only one to have risen over the past 24 hours.

The crypto sell-off coincided with worsening sentiment in traditional Asian markets