Bitcoin dropped toward $80,000 on Thursday, marking a decline of over 4% in 24 hours. This follows a period of selling pressure that began Tuesday near $87,000, erasing more than $7,000 from the asset's price in two days.
The market selloff resulted in over $1.1 billion in liquidations within 24 hours, according to CoinGlass. Traders holding long positions bore the brunt of these losses, accounting for approximately $1.05 billion of the total liquidated volume.
Major altcoins also experienced significant declines. Ethereum fell more than 6% to around $2,400, XRP dropped roughly 6% to $1.32, and Solana decreased by nearly 9% to approximately $106.
Broader market pressures include rising oil prices, with Brent crude reaching $106 per barrel, and Treasury yields hitting 24-year highs. The Federal Reserve has signaled potential further rate hikes, citing energy costs and AI infrastructure investment as inflation risks.
Market sentiment has shifted, with the CoinMarketCap Fear and Greed Index falling to 53, moving into neutral territory. Bitcoin is currently down roughly 3% for October, contrasting with its historical average gain of over 18% for the month since 2013.
