Bitcoin Falls to $104K as Crypto Market Sheds $1.2B in Liquidations

Bitcoin Leads the Downtrend

Bitcoin continued its downward trajectory on Oct. 17, falling 5% to $104,494—its lowest in nearly three months. The latest drop pushed its market capitalization below $2.1 trillion, marking a 13% decline since Oct. 10 and signaling a sharp reversal from the earlier “Uptober” optimism that had buoyed the market.

The bearish sentiment spread across the broader crypto market in the early hours of Oct. 17. According to Coingecko data, ether ( ETH) plunged 6.5% to $3,727 at 3:45 a.m. EST, bringing its market cap to just over $450 billion. ETH’s weekly losses now exceed 14%, mirroring bitcoin’s slide.

BNB, which had previously defied the broader downtrend, dropped over 12% in 24 hours to $1,041. The digital asset, which had reached a recent high of nearly $1,370 on Oct. 13, joined ADA, LINK, and BCH in posting double-digit losses during the same period.

XRP, one of the hardest-hit altcoins during the Oct. 10 flash crash, fell another 7.5% to $2.21—its lowest since early July. Having lost 20% of its value since Oct. 10, analysts caution that further declines may be ahead before stabilization occurs.

As was the case the previous day, bearish momentum continued to grip the altcoin sector, with most major tokens posting fresh losses. This sustained sell-off dragged the total cryptocurrency market capitalization down to $3.64 trillion, reflecting a sharp 6% decline in just 24 hours.

The slump in digital assets meanwhile appeared to mirror a broader risk-off sentiment across global financial markets, fueled by mounting concerns over the financial health of U.S. regional banks and intensifying trade tensions between Washington and Beijing. These macroeconomic headwinds have amplified investor caution, prompting a flight from speculative assets to safe-haven assets like gold which reach a new milestone.

The sell-off triggered over $1.2 billion in leveraged contract liquidations within 24 hours, with long positions accounting for $943 million, or 78.5% of the total.

FAQ 💡

• What was the primary cause of the crypto market drop on Oct. 17? The sharp decline in cryptocurrency prices was driven by growing U.S. regional bank stability concerns and intensifying U.S.-China trade tensions amplifying global market risk-off sentiment.
• How far did Bitcoin fall? Bitcoin dropped 5% on Oct. 17 to $104,494, marking its lowest price point in nearly three months and a 13% fall since Oct. 10.
• Which altcoins were the hardest hit in the sell-off? Major altcoins like BNB, which plunged over 12%, along with ADA, LINK, BCH, and XRP, all posted double-digit weekly losses as the total market cap shrank.
• What was the impact on leveraged traders? The rapid sell-off in the digital asset sector triggered over $1.2 billion in liquidations across leveraged contracts within 24 hours.