Bitcoin’s Slide to $81,387 Weighs on Crypto Market Amid Tech Selloff
Key Facts
Bitcoin fell 3.4% over 24 hours to $81,387 at 9:30 p.m. Eastern Time on Thursday, October 22, while the broader cryptocurrency market dropped 3%, according to a report by The Block. The move came as the selloff spread to technology stocks, amid pressure on riskier assets. Cryptocurrency liquidations totaled $440.9 million over the 24 hours through the same time, including $397 million in long positions. In an earlier snapshot published by TokenPost that day, total market capitalization had fallen 4.59% to $2.75 trillion, while bitcoin stood at $81,712, down 2.49% over 24 hours. The readings reflect different measurement times, with market pressure continuing through Thursday.
The cryptocurrency decline coincided with the Nasdaq closing down 2.6% on Thursday and the S&P 500 falling 1.21%. Shares of major technology companies also declined: Meta fell 6.98%, Micron 6.26%, Nvidia 4.4% and AMD 8.1%. An analyst at Zeus Research linked the pressure on crypto assets to weak technology company earnings, rising geopolitical tensions and U.S.-Iran disputes, saying these factors “are weighing on risk appetite.” An official at Laevitas said crypto assets were trading like a high-beta technology asset as the Nasdaq fell. “The main driver was AI funding, particularly as it relates to Meta,” the official added.
In the earlier TokenPost snapshot, liquidations across Binance, Bybit and OKX totaled $263.2 million over 24 hours, including $161.3 million in long positions and $101.9 million in short positions. The report recorded market trading volume of $90.01 billion over the same period, with bitcoin accounting for 59.4% of total market capitalization. These figures differ from the later reading by The Block, which recorded $440.9 million in liquidations through the evening of October 22, including $397 million in long positions. The following day, bitcoin remained within the $80,000 to $87,000 trading range in which it had settled during the previous month, according to Investing.com. The coin stood at $81,781 at 05:17 Eastern Time on October 23, down 0.2% at that time.
Despite price pressure, spot bitcoin funds recorded inflows of $442.7 million in the week ended October 22, according to Investing.com. That followed two consecutive weeks of outflows and marked the funds’ strongest week for inflows since late September. Positive flows did not prevent the coin from falling during the selloff, while the report linked weakness in crypto assets to concerns about higher interest rates and the sustainability of AI valuations. It noted that the sector tends to move in tandem with technology stocks, as risk aversion spills over into the cryptocurrency market. In broader markets, Brent crude hit its highest level in more than five months on Friday, October 23, amid continuing tensions in the Middle East, while the Associated Press attributed Wall Street’s decline to higher oil prices and weakness among several major technology companies.
Investors are looking ahead to the Federal Reserve’s Federal Open Market Committee meeting scheduled for October 27 and 28, 2026, according to the central bank’s calendar. The press conference is scheduled for October 28, the second day of the meeting. The date follows a selloff that reports linked to concerns about interest rates and AI spending. EL7 data also showed bitcoin closing at $81,416.09 on October 22 and $81,784.01 on October 23. These daily closes provide a different reading from the intraday prices cited by sources during trading sessions.