Quick answer: Bitcoin fell below $80,000 early on Oct. 29, 2026, touching about $79,636 at 02:45 UTC per CoinGecko. Crypto liquidations topped $335 million in 24 hours, per The Kobeissi Letter, with over $80 million in longs wiped out in 30 minutes. Ether dropped under $2,300.
Bitcoin liquidations spiked as BTC lost the $80,000 mark in early Asian trading on Oct. 29, 2026, the first break of that level since the Fed decision. The drop was fast: Bitcoin went from about $81,300 at 00:00 UTC to a low near $79,636 at 02:45 UTC, per CoinGecko data. Ether fell under $2,300 at the same time.
Leverage made it worse. Here is what happened, why it matters, and the price levels traders are watching next.
Why is Bitcoin down today?
There was no single crypto headline behind the move. Instead, three things lined up.
First, risk assets weakened. The Kobeissi Letter tied the slide to falling tech stocks, in a post that passed 100,000 views within an hour. Bitcoin still trades closely with the Nasdaq during sell-offs.
Second, the Federal Reserve left markets uneasy. On Oct. 28, the Fed held rates at 3.75%–4%, but two officials voted for a hike, as we covered in our Fed decision report. A hawkish split makes traders less willing to pay up for risk.
Third, a lot of traders were long near a round number. When $80,000 broke, their stop-losses and margin calls added fuel.
How big were the Bitcoin liquidations?
Total crypto liquidations topped $335 million over 24 hours, according to The Kobeissi Letter. Most of the damage came in a short window. Bull Theory reported that more than $80 million in long positions were liquidated in just 30 minutes.
A liquidation happens when an exchange force-closes a leveraged trade because the trader’s margin can no longer cover losses. Each forced sale pushes the price lower, which can trigger the next one. As a result, Bitcoin liquidations snowball, which explains why a roughly 2% move felt so sharp.
| Asset | Price (03:00 UTC, Oct. 29) | 24h change |
|---|---|---|
| Bitcoin (BTC) | $79,852 | -1.3% |
| Ether (ETH) | $2,306.56 | -2.1% |
| XRP | $1.29 | -3.0% |
| Solana (SOL) | $99.90 | -1.7% |
Source: CoinGecko. Track live moves on our Bitcoin price page and Ethereum price page.
Is this a leverage flush or the start of a bigger drop?
So far, the data points to a flush, not panic. The BTCUSDT perpetual funding rate on Binance sat at about 0.0016% at 03:00 UTC, close to neutral. That means traders are not paying heavily to bet in either direction.
Sentiment is also calm. The Crypto Fear & Greed Index read 51, or “Neutral,” on Oct. 29. Big money was buying earlier in the week, too. US spot Bitcoin ETFs took in a net $110.3 million on Oct. 26 and $176.0 million on Oct. 27, per our Bitcoin ETF flows tracker.
However, one thing is worth noting. Open interest on Binance’s BTCUSDT contract stayed near 95,900 BTC through the drop, per Binance futures data. In other words, leverage has not been cleared out yet. Therefore, if prices keep falling, more Bitcoin liquidations could follow.
What Bitcoin price levels should traders watch?
- $80,000: the round number BTC just lost. Reclaiming it quickly would make the dip look like a shakeout.
- $76,540: the trend line Galaxy flagged as the key bear-market test, detailed in our Galaxy analysis.
- $81,583: the 24-hour high on Oct. 28, per CoinGecko. A move back above it would undo the whole drop.
What does the drop mean for crypto investors?
For spot holders, a 2% dip is routine. Bitcoin is still about 37% below its $126,210.50 record from October 2025. The debate over that gap is loud this week, as our Calacanis Bitcoin bet story shows.
For leveraged traders, the lesson is clear. Liquidations cluster around round numbers, so high leverage near $80,000 is risky. Lower leverage and wider margins help avoid forced exits.
This article is for information only. Not financial advice. DYOR.
Bitcoin Liquidations FAQ
Why did Bitcoin fall below $80,000?
Bitcoin slipped under $80,000 early on Oct. 29, 2026, as tech stocks fell and leveraged long positions were liquidated. A hawkish Fed split on Oct. 28, when two officials voted for a rate hike, also weighed on risk appetite.
How much crypto was liquidated on Oct. 29, 2026?
More than $335 million in crypto positions were liquidated over 24 hours, per The Kobeissi Letter. Over $80 million of long positions were closed in a single 30-minute window, according to Bull Theory.
What is a crypto liquidation?
A liquidation is when an exchange force-closes a leveraged trade because the trader’s margin no longer covers the loss. Many liquidations at once can push prices down faster.
What was Bitcoin’s low on Oct. 29?
Bitcoin touched about $79,636 at 02:45 UTC on Oct. 29, 2026, per CoinGecko. It traded near $79,850 at 03:00 UTC, down about 1.3% over 24 hours.
