Bitcoin Price Slips to Around $81,600 as Tech Stocks Fall and Liquidations Rise
In today's bitcoin price news, Bitcoin is trading at around $81,600, down roughly 2% to 3% over 24 hours, after a move toward $85,000 earlier in the week lost momentum. The figures below are morning snapshots on 23 October, and different data providers report slightly different numbers.
What the Market Did
According to CoinGecko data cited by Coingabbar, Bitcoin was at $81,582 at 01:30 UTC on 23 October, down 2.8% over 24 hours. Ether was at about $2,398, down 2.6%, and the total crypto market capitalisation was about $2.82 trillion, down 3.1%. A later Analytics Insight report put Bitcoin at about $81,616, down 1.7% over 24 hours. The difference comes down to timing.
What Was Moving the Market
Reports link the weakness to a sell-off in technology stocks. Analytics Insight says the Nasdaq fell 2.6% on Thursday, with semiconductor shares among the hardest hit, and that crude oil prices rose. Several crypto assets tied to the technology theme fell more than Bitcoin did over the same period. Reports describe a link between the two markets, but they do not prove a cause.
ETF Flows and Liquidations
Spot Bitcoin exchange-traded funds drew about $524.8 million on Wednesday, according to the same report, and more than $1 billion across three sessions. Leveraged liquidations were about $455 million on Wednesday and roughly $474 million during Thursday's US session, according to figures cited from market data providers. Liquidations happen when traders using leverage can no longer cover losses, so large totals often follow sharp price moves.
Sentiment
The Fear and Greed Index fell to 50, a neutral reading, from 68 the previous day, according to Coingabbar. It is a rough gauge of sentiment, not a forecast.
What Is Coming Up
Traders are watching the Federal Reserve's meeting on 27 and 28 October. Analytics Insight says markets expect rates to be held, though that is an expectation, not a certainty. Rate decisions can affect risk assets, including crypto, so volatility around the date is common.
What It Means for Traders
A move of a few percent in a day is common in crypto and does not by itself signal a trend. For those using Bitval, it is a reminder to check position sizes and stop levels before volatile events, and to remember that leveraged positions can be liquidated quickly. Bitval's futures fees are 0.03% for makers and 0.06% for takers, and those costs apply on top of any price move.
You can create a Bitval account to see the markets Bitval currently offers.
This article is for informational purposes only and does not constitute financial advice or a prediction of future prices. It summarises market data and press reports, which may change or differ between providers. Trading crypto carries a risk of loss.
Sources: Coingabbar: Crypto News October 23, Analytics Insight: Bitcoin steady near USD 81,600
