Bitcoin faced rejection near the $87,000 level on October 5, rallying to an intraday peak of $86,969 before erasing most gains and settling near $85,200. The cryptocurrency maintained a $1.71 trillion market capitalization as of the reporting period.
The volatile price action unfolded as bitcoin twice attempted to break above $87,000 but lost momentum each time. In one sharp reversal, the price tumbled from $86,615 to $85,503 in less than 20 minutes. The intraday swings resulted in over $109 million in liquidated leveraged positions, with short liquidations accounting for $62 million and long liquidations reaching $47 million.
Across the broader cryptocurrency market, liquidations extended beyond bitcoin, with short liquidations totaling $122 million and long liquidations reaching nearly $116 million during the same period.
CFTC Signals Regulatory Progress
The Commodity Futures Trading Commission announced on October 5 that it is seeking public comment on an Advance Notice of Proposed Rulemaking regarding crypto asset transactions. The agency has opened a 60-day window for public feedback, which it intends to use to inform potential future rulemaking.
CFTC Chairman Michael S. Selig characterized the move as a critical step in the CFTC's ongoing efforts to ensure America remains the crypto capital of the world. The regulatory action follows Congress's failure to pass the CLARITY Act.
