- Bitcoin slides below $104,000 as crypto sell-off deepens.
- $1B in crypto liquidations hit traders within 24 hours.
- Aave, Flare, BCH sink; Jito jumps on a16z investment.
The cryptocurrency market extended its turbulent week with a broad sell-off that erased gains from earlier in the period as Bitcoin fell below $104,000.
Global cryptocurrency market capitalization dropped more than 3% to about $3.5 trillion before a modest rebound as Bitcoin recovered toward the $107,000 level.
CoinGlass data showed global crypto liquidations surged to more than $1.04 billion over 24 hours, with long positions taking the heaviest losses.
Open interest declined roughly 3.8% to $150 billion as Ethereum, XRP, Solana and BNB all retested — and in some cases dipped below — key support levels.
Bitcoin slumps to $103,598
Bitcoin led Friday’s steep sell-off on October 17, 2025, sliding to intraday lows near $103,598. While this drop was not as severe as the dramatic liquidation event seen a week earlier, it represented another large swing for the flagship digital asset.
At the time of writing, Bitcoin had partially recovered to around $106,600, but the decline reignited concerns after the market experienced a historic $19 billion liquidation event just days prior.
The sell-off coincided with investor unease on Wall Street following negative loan news from two U.S. regional banks, prompting spillover selling in crypto markets.
BitMEX co-founder Arthur Hayes commented publicly that if the banking wobble escalates into a broader crisis, conditions could echo the 2023 bailout environment — a scenario that, he suggested, might provide buying opportunities for those with spare capital.
ETH, XRP, SOL and BNB mirror BTC’s woes
Bitcoin’s sharp decline set the tone, producing an intraday range between roughly $109,260 and $103,598, but the weakness was widespread. Ethereum, XRP, Solana and BNB all surrendered notable portions of recent gains.
Ether fell under $3,680, slipping below the psychologically and technically important $4,000 support level. Bulls were clustered near $3,800 as traders assessed whether the pullback would hold or extend further.
Crypto analyst Lark Davis noted that Ethereum was testing a critical zone — the weekly 20 EMA aligned with horizontal support and a 0.382 Fib retracement — a juncture that could decide whether ETH rebounds or heads toward lower Fib targets.
XRP dropped more than 4% to around $2.20, well below the $2.50 support and the $3.00 psychological level. Market optimism around XRP could hinge on Ripple’s recent acquisition of treasury firm GTreasury and reports of a potential $1 billion raise, both of which may influence future sentiment.
Solana traded near $182 before dipping toward $174, a fall of nearly 5% that reinforced bearish pressure below the critical $200 threshold.
BNB, which had been among the best performers in recent months, also saw profit-taking pull the token down to lows near $1,024 after reaching an all-time high of $1,370 on October 13.
Aave, Flare, Bitcoin Cash among top losers
As major altcoins followed Bitcoin’s downturn, several mid-cap tokens were among the steepest decliners. Aave, Aster, Flare and Bitcoin Cash emerged as notable underperformers amid broader market weakness.
AAVE was down about 13%, ASTER fell roughly 10%, FLR declined nearly 9.7% and BCH traded about 8% lower, placing them among the biggest losers within the top 100 coins by market capitalization.
Earlier in trading, Zcash plunged close to a 20% intraday drop to under $190 before a partial rebound lifted ZEC above $216; overall, the privacy-focused coin was down approximately 7% over 24 hours.
On the winners’ side, projects such as Ethena, ZORA and Jito posted gains, with Jito rallying after news of a $50 million investment from a16z into a Solana staking protocol, a development that fueled positive momentum for the token.