Crypto markets sold off over the past 24 hours. Total market capitalization fell about 2.5% to roughly $2.86 trillion. Bitcoin briefly dipped below $81,000, its lowest level in almost three weeks, before recovering toward $82,000. Ethereum fell nearly 4% to around $2,475. The Fear & Greed Index dropped to 59 from 72 a week earlier, showing that sentiment is cooling.
Higher yields weigh on risk assets
A key driver is US interest rates. The 10-year Treasury yield rose to 5.31%, close to its highest level since 2002, which makes safe assets more attractive compared with volatile ones like crypto. Equities were also lower, with the Nasdaq and S&P 500 both down for a second straight session. AI-linked stocks were hit by reports that OpenAI’s annualized revenue is $20 billion below earlier figures, while talks between the US and Iran over the Strait of Hormuz have stalled.
More than $1 billion liquidated
The drop triggered forced selling. About $1.09 billion in positions were liquidated in 24 hours, of which $935 million were longs. Ethereum accounted for $345 million and Bitcoin for $263 million, and Binance handled more than half of the total. XRP fell to a three-week low of $1.32 on October 8 before recovering above $1.40. In the last few hours, liquidations were mostly shorts, a sign that prices were starting to stabilize.
Regulation and industry news
Regulatory headlines continued. ESMA wants EU crypto firms to phase out stablecoin services that do not comply with MiCA within three months. A French parliamentary committee approved a stablecoin exchange tax and an exit tax, though neither is law yet. Greece is considering a 10% tax on crypto gains, and the Moscow Exchange plans to start crypto trading on December 1. Binance will restrict eight services in Brazil from October 27, and Samsung Wallet in the US will add USDC cross-border transfers in late October.
Outlook
Analysts see $80,000 as the next support level for Bitcoin. As long as yields stay high and equities remain under pressure, further volatility is likely. This article is for information only and is not investment advice.
Sources:
- KuCoin: Crypto Daily Market Report, October 9, 2026
- CoinGabbar: Crypto News October 9
- The Crypto Basic: Crypto liquidations cross $1B
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