Ah, the beauty of crypto! Bitcoin took a little tumble on Thursday, slipping below the $108,000 mark and flirting with a low of $107,387 per coin. Seems like sellers had their morning coffee extra strong, because they managed to drag the price down by a cool 3.4% against the U.S. dollar. One can almost hear the market’s collective sigh.
Bulls on Ice
After Fed Chair Jerome Powell decided to share his cheerful “we’re not cutting rates just yet” message, Bitcoin ( BTC) felt the weight of it all. The man said that the much-anticipated December rate cut wasn’t a done deal, sending traders into a frenzy. Goodbye, optimism!
Despite a lovely little quarter-point cut on Wednesday and the cozy vibes from U.S.-China trade talks, Bitcoin has been gliding lower, like an unwelcome guest at a party. Meanwhile, gold-our old reliable-was basking in the glory, climbing nearly 2% on the day.
By noon Eastern time, BTC was hanging just below $108,000, bouncing around the $107,626 mark after briefly touching that all-time low of $107,387. Bears are lurking, hoping for a dip under $107,000, but for now, the bulls are clutching that ledge like their life depends on it.
The crypto derivatives market, as you’d expect, is having a bit of a meltdown. Traders who went long are now walking around with their hands on their heads. In the last 24 hours, $1.13 billion worth of positions got liquidated. Of that, a jaw-dropping $960 million came from long bets, and more than $400 million of that was from Bitcoin longs alone. That’s a lot of poor souls who just saw their dreams go up in smoke.
In short, Bitcoin is being tossed around like a beach ball at a hurricane party. Hawkish Fed vibes, fading optimism, and a liquidation bloodbath have all contributed to this delightful chaos. Whether the bulls manage to hold the $107K floor or the bears pull it into the abyss, one thing’s for sure-this is no place for the faint of heart.
FAQ
- Why did Bitcoin drop below $108,000?
Bitcoin slipped after Jerome Powell let everyone know that a December rate cut wasn’t a done deal, causing some serious market jitters. - How much was liquidated in the crypto market?
Over $1.13 billion in crypto positions were liquidated within 24 hours, most of which came from long positions. Ouch. - What’s Bitcoin’s current price?
Bitcoin is hovering around $107,500 after a brief dip to $107,387 on Bitstamp. - How did other markets react?
Gold rose nearly 2% while Bitcoin and other risk assets took a hit.
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2025-10-30 20:35