Bitcoin Falls to $103K as $600B Crypto Value Wiped Out
Bitcoin Extends Losses as $600 Billion Wiped from Crypto Market
Bitcoin’s steep decline continues, with the world’s largest cryptocurrency sliding nearly 4% to around $103,550 on Friday — its lowest level since June — as more than $600 billion in crypto market value vanished over the past week, according to CoinGecko data.
Once viewed as “digital gold” and a hedge against volatility, Bitcoin (BTC) has now fallen about 18% from its October 6 peak of $126,251. Ether (ETH) also retreated below $3,700, losing roughly 25% from its August high.
Market turbulence intensified after Binance’s BNB token plunged up to 11% before trimming losses. Analysts pointed to Binance’s recent trading disruptions and massive $600 million compensation plan as contributing to heavy liquidations on October 10–11.
Yoann Turpin, co-founder of market maker Wintermute, said the latest BNB drop “aligns with broader market repricing,” as attempts at mid-week recovery failed to gain traction. Data from Coinglass showed another $1.2 billion in leveraged positions liquidated in the past 24 hours, reflecting ongoing fragility in the crypto market.
Meanwhile, major players including Kraken, Circle, BitGo, and Ripple are ramping up efforts to enter regulated finance through banking licenses and payment products — a strategic move to offset crypto volatility and boost credibility, said Rachael Lucas of BTC Markets.
Broader risk sentiment remains weak as escalating US–China trade tensions and renewed worries about US regional banks weigh on global markets. Financial losses linked to First Brands Group, Tricolor Holdings, and write-downs at Zions Bancorp and Western Alliance erased over $100 billion in US bank value in a single day.
Investors also pulled $593 million from Bitcoin and Ether ETFs on Thursday, while Deribit’s put-to-call ratio climbed to 1.33, signaling heightened demand for downside protection.
