Ethereum and Bitcoin Slide as Liquidations Surge

Cryptocurrency markets fell sharply on October 7, with Ethereum dropping below $2,600 and Bitcoin briefly slipping under $84,000 as leveraged traders faced substantial liquidations. CoinGlass figures cited in reports showed hundreds of millions of dollars in forced closures, though the totals cover different assets and time periods and should not be combined as one measure. Ethereum traded near $2,555 during the decline, down 5.67% for the day, according to one market report. CoinGlass data cited there put Ethereum long liquidations at $201 million on October 7, the highest daily total since June 5, and liquidations across the broader crypto market at $665 million. A separate report described the selloff as part of a wider surge in crypto long liquidations, but its figures covered a different interval. Bitcoin’s price fell below $84,000 during October 7 trading. One reported low was $83,647, while another reading put it near $83,800. CoinGlass data showed about $143 million in Bitcoin futures positions liquidated over the 24 hours ending at 06:53 UTC. A separate CoinGlass reading put crypto long liquidations at $487.2 million over a different 24-hour period.