Bitcoin slumps to about $111,000

Bitcoin slid to about $111,000 as macro risks spooked markets.

The price of the leading cryptocurrency tumbled to about $111,000 amid macroeconomic risks.

Over the past 24 hours bitcoin fell 9.5%. Most large-cap altcoins fared worse. Solana and XRP shed about 20%, Dogecoin more than 24%.

Liquidations in crypto exceeded a record $19bn over the past day. The vast majority were longs—nearly $17bn.

The largest single liquidation, $203m, occurred on the Hyperliquid exchange in ETH/USDT.

Crypto’s market capitalisation slipped to about $3.8trn.

The rout in digital assets was sparked by a statement from US president Donald Trump about possibly imposing 100% tariffs on Chinese imports from November 1. The president’s tough stance was triggered by the Chinese authorities introducing, on the same timeline, restrictions on exports of goods containing rare-earth elements.

“There is a bit of panic in markets right now — a classic macroeconomic shock. Trump and China are exchanging tariff threats, stocks are falling, and traders are trying to reduce risk,” Swan Bitcoin CEO Cory Klippsten told Cointelegraph.

The S&P 500 and Nasdaq 100 fell by 2.7% and 3.5%, respectively, over the day.

Uptober offers optimism

According to Klippsten, slumps like the current one typically flush out leveraged traders and weak hands, then set up for subsequent gains.

Economist Timothy Peterson noted that drops of more than 5% in October have occurred at least four times over the past ten years. In three of those cases, prices recovered firmly within a week.

Drops of more than 5% in October are exceedingly rare. This has happened only 4 times in the past 10 years.

Oct 24 2017
Oct 11 2018
Oct 23 2019
Oct 21 2021

What happened next? 7 days later bitcoin was
2017: up 16%
2018: up 4%
2019: up 21%
2021: down -3% pic.twitter.com/mbFs19RbwL

— Timothy Peterson (@nsquaredvalue) October 10, 2025

According to CoinGlass, historically bitcoin has averaged roughly 20% gains in October. The month trails only November, at 46%, and has earned the community moniker Uptober — a play on “up”.

“Uptober still has 21 days left,” reassured investors Jan3 CEO Samson Mow.

MN Trading Capital founder Michaël van de Poppe thinks the market has simply found a bottom in the current cycle.

Bitwise Invest strategist Juan Leon reminded that a drawdown driven by broader market moves is typically a good opportunity to buy the asset.

The firm’s chief investment officer, Matt Hougan, shared a similar view. He noted that some hesitate to buy despite their plans because the market at such moments “does not feel good”.

“It is never ‘pleasant’ when you buy the dip. A decline happens when sentiment falls,” he added.

As the market slumped, the crypto Fear and Greed Index fell from neutral to 37.

Analyst Frank Fetter believes bitcoin’s overbought zone will begin at around $180,000. Trader Peter Brandt thinks the cryptocurrency’s upside potential in the current cycle is at least $185,000.