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Bitcoin

Bitcoin and Other Cryptocurrencies Had Double-Digit Drops Friday, Largest Liquidation Event Ever (independent.co.uk) 67

Posted by EditorDavid from the magic-internet-money dept.
An anonymous reader shared this report from the Independent: Bitcoin and Ethereum both saw record liquidations as investors reacted to fears over a trade war, which saw many crypto investors move their money to stablecoins or safer assets... Bitcoin fell by more than 10 per cent to below $110,000, before recovering to $113,096 on Saturday morning. The value of Ethereum slumped by 11.2 per cent to $3,878. Other cryptocurrencies, including XRP, Doge and Ada, fell around 19 per cent, 27 per cent, and 25 per cent in the last 24 hours, respectively.
LiveMint shares some statistics from Bloomberg: Citing 24-hour data from Coinglass, the report noted that more than $19 billion has been wiped out in the "largest liquidation event in crypto history", which impacted more than 1.6 million traders. It added that more than $7 billion of those positions were sold in less than one hour of trading on October 10. According to data on CoinMarketCap, the cryptocurrency market cap has dived to $3.74 trillion from the record-high $4.30 trillion level, the previous day. Trading volumes as of the market close were recorded at $490.23 billion.

Bitcoin retreated on Friday, as US-China trade tensions reignited, after racing to record highs earlier in the week as persistent rate-cut bets and signs of some cooling in geopolitical tensions helped boost risk. Bitcoin was trading at $105,505.4 on Friday, down 13.15% on the day.

Bitcoin and Other Cryptocurrencies Had Double-Digit Drops Friday, Largest Liquidation Event Ever More | Reply

Bitcoin and Other Cryptocurrencies Had Double-Digit Drops Friday, Largest Liquidation Event Ever

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  • The music stopped (Score:1)

    by Anonymous Coward

    Too bad there aren't enough chairs for everyone. I guess some of you are screwed.

  • Trump's announced more tariffs on China and China retaliated with cutting off rare Earth minerals. The stock market lost 2% or about 1.5 trillion.

    Plus we all basically know the economy is being held up on a house of cards. Somebody called it three data centers in a trench coat. So it's not going to take much to spook people.
    • It used to be that if you had a $20 bill and checked your pocket, oops it has a whole, and its "lost"

      Because of how trading has become so important, now, if you can't sell something for more than you bough it for, that's not just losing money, but we can blame people for it. Laws and lawsuits have been made/filed to protect the values of people's homes and land. Maybe we should make a right, "the right to not lose money in any trade, shall not be infringed" ? Its basically on its way to becoming one anyway

  • Stock Market (Score:5, Insightful)

    by cstacy ( 534252 ) on Saturday October 11, 2025 @03:54PM (#65718814)

    BTC just tracks the dollar via the proxy of the Stock Exchange. This event directly corresponded with a big one-day drop on the S&P, caused by Trump announcing 100% tarries on everything from China. (Caused in turn by China's announcement the day before on restricting their export of rare-earths.)

    Nothing to see here.
    The stock market will be back in a day or two (if it hasn't already rebounded) and the fake pretend money will follow it back up. This month has also been a bellweather of "AI Bubble About To Burst" stories, and the US economy is being held up by the AI spending. So there's trouble on the near horizon. None of it has to do with the scam that is crypto, though. That game is still in full play.

    • Re:Stock Market (Score:5, Insightful)

      by DrMrLordX ( 559371 ) on Saturday October 11, 2025 @07:41PM (#65719086)

      There was some possible insider trading, there were some suspicious short options that called right after the crash.

    • Funny thing about that (Score:5, Insightful)

      by rsilvergun ( 571051 ) on Saturday October 11, 2025 @09:25PM (#65719210)
      Right before Trump announced the tariffs that tanked both the stock market and bitcoin, and I mean right before like 30 minutes, somebody shorted a ton of cryptocurrency and walked away with around 192 million. It showed up on the unusual whales subreddit.

      Kind of painfully obvious what's going on there...
      • The Trump regime isn't so much of US executive leadership but a gameshow of who can lie, cheat, and steal more while fucking Americans and the world. These kind of people DGAF because they already bought their New Zealand prepper bunkers and Thai children to abuse.
        • Every authoritarian regime needs a circus to entertain and distract the people from all of the fuckery. With Trump, he's both the authoritarian and the clown.
    • Bitcoin has become just another risk asset. If it wasn't before the ETF near-takeover, where Blackrock etc acquired whale like holdings at the level of Microstrategy and Satoshi, it became one then.

      And how do you know this is insider trading vs someone seeing such ridiculous overposition on one side? Its spring of 2000 all over again (look at the charts).

  • Translation:

    Momentary big drop in crypto prices (directly due to S&P panic over Trump's 100% China tariff on this day).
    So, BUY NOW.

    It's not "Bye, now".
    Not yet.

  • Before DT announcement, 1 profited $200m (Score:5, Insightful)

    by tekram ( 8023518 ) on Saturday October 11, 2025 @04:34PM (#65718868)

    This was widely reported that before the announcement, someone made a huge trade and later profited nearly $200 million.

    @unusual whales

    BREAKING: Look at this.

    A new crypto account was opened yesterday morning.

    30 minutes BEFORE Trump's announcement of 100% tariffs on China, it added a huge multi-milliondollar levered Bitcoin short position, per YF.

    The market dumped.

    The trader made a profit of $192 million in two hours.

    Unusual.

    • The country is being fucked without lube and 30% are cheering while the price of everything climbs.

      • There needs to be Jim Crow-style voting tests to specifically disenfranchise morons. Too much democracy ends up with Hitlers and executing Socrates.
      • 3% to 3.5% with the tariffs. 2% is where we want to be so without Trump we could see big rate cuts and a nice little economic boom. Which is to be expected after 4 years of the Democrats preparing damage done by Republicans.

        The real problem here is we only got 4 years when we normally get eight. And we really need 12.

    • Yup that's a bit iffy. At least Pelosi did a better job of hiding her shenanigans (okay not really).

      • Well considering we don't know the identity of this mystery trader, I'd say they did the better job of hiding.
        Also, it was probably Barron.

        • The account was something like 30 minutes old (or so I've read) when it put in the shorts. Depending on where and how it was done, there was KYC involved, but if it was done on a foreign exchange then maybe not . . .

    • Re: (Score:2)

      by hawk ( 1151 )

      >30 minutes BEFORE Trump's announcement of 100% tariffs on China, I

      the more interesting question is why it took so long for someone to place this bet: Trump's reaction was rather predictable; why did noone move faster?

    • While money can be made by random individuals in all markets, that is merely the price to be paid for shearing the public of their funds through the various markets.

      No markets are honest. It is all gambling unless you are one of the fortunate few that are able to manipulate the market directly.

  • > .. investors reacted to fears over a trade war, which saw many crypto investors move their money to stablecoins ..

    It's a flawed assumption to assume stablecoins are any less volatile that the rest of crypto.
    • Ok let's hear it. How are assets that are backed by USD as volatile as the rest of crypto?
      • There is no proof that stable coins are actually backed by the dollars they say they are. And there are no regulators making sure they are. Big stable coins have been caught multiple times having much less money on hand than coins.

        It's the exact same problem we had with the banking system before we heavily regulated it. And we're going to have the same Great depression style crash very soon.
        • There's no proof that anything is backed by anything, but there's evidence of it vs none for the rest of crypto.
    • Dumbest thing I've read all year. As long as there is sufficient liquidity or trust, stablecoins are stable by definition!

      • technically....

        expect that "liquidity" will evaporate when you find out that the exchanges that run this shit were all gambling with money and don't have said "liquidity" to cash out those stable coins when you want to... happened before (with relatively tightly regulated banks, especially in comparison to crypto and exchanges)

        so yes, you are absolutely correct, as long as there isn't a run on the stable coins, or others and there is blind trust, they'll remain stable.

  • You can see the price. But not how many were traded. Because that is how anonymous internet cash is supposed to work

  • The whole market dropped by double digits yesterday. Why single out crypto?

    The crypto FUD is almost as pervasive as crypto scams.

  • Silver's a better bet at this point, anyway--not nearly as expensive as gold, the decline of the dollar against it is about as strong as against gold, and you can actually use it in the event of an EMP attack.

  • It's amazing this crap has lasted this far, but I understand so many people feel so disenfranchised they're willing to try anything, including "digital magic beans."

    Here's a good Documentary on the subject [youtube.com] that goes into how blockchain works and why it doesn't work.

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