Although BTC was halted at $87,000 once again at the start of the business week, it still managed to hold relatively stable at over $85,600 before the bears took complete control for less than half an hour earlier this morning and drove it south by $2,000.<\/p>\n
Naturally, such a violent move spiked the liquidations, as the total value of wrecked positions rocketed to over $550 million on a daily scale. $430 million came in the past 4 hours alone, and almost all were from longs.<\/p>\n
Interestingly, ETH longs are responsible for the lion\u2019s share as the altcoin\u2019s price tumbled by roughly 4%, going below $2,600. Other alts, such as XRP, HYPE, DOGE, and ADA, were hit even harder, with losses of up to 6% on a 24-hour scale.<\/p>\n
More than 100,000 traders were wiped-out in the past day, with the single-largest liquidation order taking place on Binance. It was worth a whopping $26 million and involved the ETH\/USDC pair, according to CoinGlass.<\/p>\n
A couple of reasons pop up in the past several hours that could have resulted in this major leg down. At first, Lookonchain reported<\/a> that the US government has moved a portion of the crypto it holds. In total, they transferred 834 BTC ($71.56 million) to Coinbase Prime, while moving another 40,285 BNB.<\/p>\n As we have explained<\/a> before, even if the authorities have sold that amount, it doesn\u2019t translate necessarily into breaking Trump\u2019s promise to never sell any BTC.<\/p>\n The second possible reason could be linked to insiders, as Lookonchain updated. 4 newly created wallets deposited $1 million USDC into hyperliquid just minutes before the crash and opened 40x shorts on nearly 150 BTC ($12.5 million).<\/p>\n Bitcoin has dropped below $84,000.<\/p>\n Just before the market dropped, 4 newly created wallets deposited 1M $USDC into #Hyperliquid and opened 40x shorts on 148.49 $BTC ($12.5M).<\/p>\n Insiders?<\/p>\n https:\/\/t.co\/EzPGCixA9c \u2014 Lookonchain (@lookonchain) October 7, 2026<\/a><\/p>\n\n The post Why Did Bitcoin\u2019s Price Slump by $2K in 20 Minutes?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Although BTC was halted at $87,000 once again at the start of the business week, it still managed to hold relatively stable at over $85,600 before the bears took complete control for less than half an hour earlier this morning and drove it south by $2,000. Naturally, such a violent move spiked the liquidations, as […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-236561","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/236561"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=236561"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/236561\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=236561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=236561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=236561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nhttps:\/\/t.co\/idcl5q2vtM
\nhttps:\/\/t.co\/6cNec0Rc3Y
\nhttps:\/\/t.co\/jFDTRz3l9X<\/p>\n