Bitcoin crashes $2,000 in minutes, mass liquidations follow

6.6 Markets

Oct 7, 2026

Bitcoin plunged $2,000 in 20 minutes, triggering $360M–$403M in liquidations. Daily crypto liquidations topped $550M. Altcoins also dropped sharply before partial recovery.

Bitcoin saw a swift and dramatic drop across global markets, with its price plunging by $2,000 in just 20 minutes. This sharp decline triggered a wave of liquidations in leveraged long positions, with reports indicating that $360 million to $403 million in longs were wiped out within minutes. Over the course of the day, total liquidations across the crypto market surpassed $550 million, and in some cases, exceeded $1 billion. During the selloff, Bitcoin's price fell to a range between $83,700 and $84,300, marking its lowest level since April. Major altcoins were also hit hard: Ethereum dropped by 3–4%, while tokens like Cardano and Dogecoin saw losses of up to 6%. Analysts attributed the downturn to a mix of bearish market sentiment, rising oil prices, higher US bond yields, a stronger dollar, and significant crypto transfers by the US government. After the initial plunge, the market stabilized, with investors now watching for signals from upcoming US economic data and Federal Reserve meeting minutes.