$356 Million in Liquidations Pressure Bitcoin as It Falls to $77,991.89
Key Facts
Bitcoin closed at $77,991.89 on October 29, compared with $81,343.50 the previous day, according to EL7 data. In a report published Thursday, CoinDesk said crypto futures liquidations totaled $356 million over 24 hours. Long positions accounted for $205 million of the total, including $94 million in Bitcoin contracts and $72 million in Ether contracts, the report said. During Asian trading that day, the currency fell from above $81,700 to about $79,800, according to CoinDesk. This range describes the Asian trading move, while EL7’s figure records a separate daily close.
The decline came as technology stocks retreated: the Nasdaq Composite fell 1.4% in trading on October 29, and Alphabet Class A shares dropped 12.6%, according to the Associated Press. In South Korea, the Kospi fell 1.2% and Samsung Electronics shares declined 4.1% in the same session. CoinDesk linked weakness in cryptocurrencies to the retreat in technology stocks and investor concerns about returns on artificial intelligence investments. The S&P 500 also fell 0.3%, its first loss in four days, despite most of its listed stocks rising, according to AP. The move presented a mixed picture within the U.S. stock market, with more pronounced pressure on technology shares.
Alphabet’s results were among the factors CoinDesk discussed in the context of the decline: the company reported revenue of $127.58 billion in the third quarter of 2026, below expectations of $127.93 billion. Operating income was $40.58 billion, compared with expectations of $43.16 billion. AP linked the share decline to concerns about weaker company growth and the expected return on artificial intelligence investments. By contrast, Samsung reported record consolidated revenue of 195.3 trillion won and operating profit of 107.4 trillion won in the quarter ended September 30. Revenue rose 14% from the second quarter, according to the company’s statement.
Samsung said its Device Solutions division posted revenue of 147.1 trillion won and operating profit of 106.5 trillion won in the third quarter. Its memory business recorded a quarterly high in revenue and operating profit, with HBM4 sales expanding and the company meeting rising demand for SSD servers, according to Samsung. It added that strong server demand lifted market prices across applications. Despite these results, Samsung shares fell 4.1% in trading on October 29, alongside a 1.2% decline in the Kospi, according to AP. The company expects competition for leadership in artificial intelligence to sustain investment in its infrastructure in the fourth quarter of 2026.
At its October 28 meeting, the Federal Reserve left the target range for interest rates at 3.75% to 4%, with the decision approved by a 10-to-2 vote. Lisa Cook and Beth Hammack voted to raise the range by a quarter of a percentage point, according to the Federal Open Market Committee statement. The statement described economic activity as expanding at a "solid pace" and said inflation remained elevated. It added that more information would help the committee determine the appropriate policy stance to return inflation to its 2% target. The committee’s next meeting is scheduled for December 8 and 9, 2026.
The U.S. Bureau of Economic Analysis’ advance estimate showed real gross domestic product grew at an annual rate of 3.4% in the third quarter of 2026, following growth of 2.2% in the second quarter. The bureau attributed the acceleration mainly to faster investment growth and a shift to an increase in government spending, while a decline in exports offset part of the rise. On prices, the personal consumption expenditures index rose 2.1% in the third quarter, compared with 5.0% in the previous quarter. The index excluding food and energy rose at a slower pace of 2.5%, down from 3.3%, according to the bureau. The second estimate of third-quarter GDP and corporate profits is scheduled for release on November 25, 2026, at 8:30 a.m. Eastern time.