Bitcoin fell $1,600 in about 15 minutes and dropped below $84,000, according to market trackers, and is now trading near $84,195, down 2.1% over 24 hours. Ethereum is at $2,613.53, down 3.5%, and XRP is at $1.47, down 2.7%. BNB lost 2.3% and Solana 1.9%. More than $400 million in long positions were liquidated within an hour, and the broader crypto market reportedly lost about $61 billion in 20 minutes. The speed of the drop has drawn comparisons to the October 10 flash crash, which is three days from its anniversary. The sell-off came as US Treasury yields fell sharply across the curve, right after the 10-year yield hit its highest level since 2002. Oil also dropped, and markets are pricing in lower inflation. If that holds, pressure on the Fed and on stocks should ease. The cause of the crypto flash crash itself has not been confirmed, and leveraged long liquidations appear to have amplified the move.
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