Bitcoin dropped from above $87,200 to under $84,000 in a few hours on Oct 2, 2026, despite a softer-than-expected US jobs report and cooler inflation data. Crypto liquidations jumped past $570 million in the past 24 hours, with longs making up 99% of the losses in the final hour. Ether, XRP, and several other major coins fell alongside bitcoin.
Bitcoin tumbled below $84,000 on Thursday. The plunge erased well over $3,000 in a matter of hours. It reversed a brief run that saw bitcoin top $87,000 for the first time in about ten days.
Bitcoin's initial move came after a softer-than-expected US jobs report. The release aligned with positive data from this week's PCE report. A weaker labor market combined with lower-than-expected inflation should, at least in theory, ease pressure on the Federal Reserve for more immediate hikes, and perhaps that is why bitcoin jumped from $86,000 to $87,200 within moments of the data's release.
That rally did not last. Bitcoin was rejected at the multi-day peak and tumbled to $85,500 first. Bears then took complete control and drove it under $84,000 minutes later.
Ether tapped $2,750 earlier Thursday but now trades about $100 lower. XRP was rejected again at $1.55 and now sits at $1.45. Zcash, Dogecoin, Chainlink, Monero, and Cardano marked even more substantial losses of up to 7% daily.
The total crypto market cap has shed almost $80 billion since Thursday's peak. It fell to $2.880 trillion on CoinMarketCap. Data from CoinGlass shows wrecked positions over the past 24 hours jumped past $570 million. In the past hour alone, $186 million was liquidated. Longs accounted for 99% of those positions.
Source: CryptoPotato
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