Crypto Market Selloff Deepens as $700M in Bitcoin, ETH, XRP, SOL, DOGE, XAU Liquidated
Highlights
- Crypto market selloff deepens as US 10-year Treasury yields hit 24 year high on Wednesday.
- Bitcoin, ETH, XRP, SOL, XAU, DOGE, and ZEC witnessing massive selling pressure amid several headwinds.
- ETH lead BTC in liquidations with $26.64 million liquidated on Binance.
Crypto market selloff on Wednesday saw the market cap tumble back to $2.9 trillion, wiping out more than $100 billion over the last 24 hours. Sentiment among crypto investors still remains strong, with the Crypto Market Fear & Greed Index dropping from 73 (greed) to 70 (greed) today.
Bitcoin (BTC) has plunged more than 4% to below $83K, losing the recent upside momentum. Ethereum (ETH) slumped 6% to $4,436, witnessing significantly higher liquidations than BTC in the last 24 hours.
Top altcoins XRP, Solana (SOL), Dogecoin (DOGE), and Zcash (HYPE) fell 3-7% over the last 24 hours. SKY and Uniswap are down nearly 12% and 11%, respectively.
US Treasury Yields Drive Selloff in Crypto Market
Stocks and the crypto market are witnessing widespread profit-taking by high-leverage traders as US 10-year Treasury yields (US10Y) briefly rose above 5.35% for the first time in 24 years. This happened due to bond sales today, mortgage rates hit new 3-year highs, and inflation concerns amid strikes by Iran.
The benchmark 10-year Treasury yield fell back to 5.30% as investors are now awaiting Treasury buyback and the FOMC Meeting Minutes release. Increasing expectations that the Federal Reserve will pause interest rates are causing Treasury yields to reverse.
BREAKING: The Nasdaq 100 extends losses to -200 points on the day as US Treasury yields hit their highest level since 2002 and oil prices rise. pic.twitter.com/nRaIuHt79u
— The Kobeissi Letter (@KobeissiLetter) October 7, 2026
Also, the U.S. Dollar Index (DXY) reversed to $102.3 after rising to 102.50 today, the highest level since March 2025. Rising oil prices today fueled inflation concerns and renewed expectations that the Fed would need to keep monetary policy tighter for longer.
Massive Bitcoin, ETH, XRP, SOL, DOGE, XPL Crypto Liquidations
The crypto market saw a massive $700 million in total liquidations, according to Coinglass data. Notably, nearly $650 million in long positions and $50 million in short positions were liquidated over the last 24 hours.
More than 123K traders were liquidated in the last 24 hours, with the largest single liquidation order of ETH-USDC worth $26.64 million on crypto exchange Binance. The largest Bitcoin liquidation was valued at $11.75 million.
As per the data, ETH, BTC, SOL, XRP, DOGE, XAU, ZEC, UNI, SUI, XAG, and HYPE recorded the largest liquidations, causing a broader crypto market selloff.
Also Read: Top Reasons Why the Crypto Market Is Going Down Today
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