Bitcoin Falls Below $83,000 Amid Heavy Liquidations

Bitcoin fell below $83,000 on Wednesday, October 7, reaching intraday lows reported between $82,734 and $82,776.30, as a broader pullback in financial markets coincided with heavy liquidations of leveraged cryptocurrency positions. The decline erased the cryptocurrency’s gains for October, according to one market report, and left traders watching whether prices would stabilize near lower technical support levels. CoinGlass figures cited in reports showed hundreds of millions of dollars in crypto positions were liquidated over a 24-hour period, with most of the affected positions betting on higher prices. The estimates varied substantially, from about $550 million to roughly $969 million, and the reports did not reconcile the different totals or measurement windows. One report put liquidated long Bitcoin positions at nearly $175 million, compared with about $13 million the previous day. The selloff extended beyond cryptocurrency. Reports described weakness in stocks and gold alongside rising oil prices and government bond yields, against a backdrop of renewed tensions affecting shipping near the Strait of Hormuz.