Bitcoin fails at $87,000 again and drops to $83,716 as Fed minutes point to another hike
Bitcoin was turned back at $87,000 again and fell to $83,716 on Oct. 7 as Brent crude topped $101, the dollar firmed and Fed minutes showed most officials favor another hike before year-end.
Why it matters
The only scheduled driver traders pointed to was the Fed, and the minutes leaned against the low-hike pricing that had held bitcoin near $86,000, leaving the rebound tied to rate expectations rather than crypto demand. Ether's wider losses and the scale of the long liquidations show how much of the month's recovery sat in leveraged positions.
Where the sources disagree
Total crypto market capitalization on Oct. 7
near $2.95 trillion, down roughly 1.8%
Crypto.News
$2.85 trillion, down 3%
CoinGape
$2.925 trillion, down 3.8%
Crypto.News
Three outlets published different totals and daily percentage declines for the same day.
Size of the leveraged liquidation wave
more than $403 million in longs within one hour
Crypto.News
long liquidations near $487 million over 24 hours in early coverage
Crypto.News
total forced position closures of approximately $554.8 million over 24 hours
Crypto.News
$19.14 million of XRP longs against $518,360 of shorts
Finbold
Reported figures range from a single-hour long-liquidation total to a full-day total covering longs and shorts.
Expectations for an October Federal Reserve rate hike
only a 20.5% chance of an October hike priced
Crypto.News
market participants pricing out the chance of an October rate hike
Bitcoin Insider
most officials considered another rate increase appropriate before year-end
CoinGape
Before the minutes traders had largely priced out an October hike, while the released minutes showed most officials want another increase before year-end.
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
size of the move
6.5%
Crypto.News
3%
CoinGape
Crypto.News reports 6.5%, CoinGape reports 3% (54% apart).
size of the move (fell october)
6.5%
Crypto.News
5%
Finbold
Crypto.News reports 6.5%, Finbold reports 5% (23% apart).
size of the move
3%
CoinGape
3.8%
Crypto.News
CoinGape reports 3%, Crypto.News reports 3.8% (21% apart).
size of the move (hours)
3%
CoinGape
5%
Finbold
CoinGape reports 3%, Finbold reports 5% (40% apart).
size of the move
3.8%
Crypto.News
5%
Finbold
Crypto.News reports 3.8%, Finbold reports 5% (24% apart).
size of the move
$2,200
CoinGape
$2,564.48
Crypto.News
CoinGape reports $2,200, Crypto.News reports $2,564.48 (14% apart).
Key facts
Bitcoin briefly traded above $87,000 on October 2 before reversing and closing the day lower.
87,000 USDReported by CoinGape
CoinGecko showed Bitcoin near $84,286 on Oct. 7, down roughly 1.5% over 24 hours after a low of $83,648.
84,286 USDDisputed figureReported by Crypto.News
CoinGape reported Bitcoin sliding toward $83,716 on Oct. 7 after it failed to hold the $85,000 support area.
83,716 USDDisputed figureReported by CoinGape
More than $403 million in leveraged crypto longs were liquidated within one hour during the Oct. 7 selling.
403,000,000 USDDisputed figureReported by Crypto.News
The US 30-year Treasury yield reached a 24-year high of 5.72% on Oct. 7.
5.72 %Disputed figureReported by Finbold
Brent crude climbed back above $101 a barrel on Oct. 7 as Middle East shipping concerns grew.
101 USDReported by Crypto.News
Fed minutes released Oct. 7 showed most officials considered another rate increase appropriate before year-end, and all 19 backed September's 25 basis point hike to a 3.75%–4.00% target.
25Reported by CoinGape
What happened
Bitcoin spent the first week of October failing to hold $87,000: CoinDesk reported it briefly touched $87,000 on Monday near an eight-month high before reversing, and CoinGape said it slid toward $83,716 on Wednesday after losing the $85,000 support area. The Wednesday session itself produced several readings — Crypto.News cited CoinGecko at $84,286 after a dip to $83,648, a later Crypto.News report put Bitcoin at $82,855.50 and a 4.3% daily fall, and Bitcoin Insider's sequential Coinbase snapshots showed $83,131.23, about 2.82% below its rolling opening reference. Macro pressure came first: Brent crude went back above $101 as Middle East shipping concerns grew, Reuters counted at least seven tanker attacks in the first week of October, and the US 30-year Treasury yield hit a 24-year high of 5.72%. Forced closing of long positions added to the losses — Crypto.News counted more than $403 million of long liquidations inside one hour and later cited CoinGlass figures near $487 million with total forced closures around $554.8 million over 24 hours, while Finbold found $19.14 million of XRP longs liquidated against $518,360 of shorts. Before the minutes, Crypto.News said traders priced only a 20.5% chance of an October hike; CoinGape reported afterwards that most officials considered another increase appropriate before year-end and that all 19 backed September's 25 basis point rise to 3.75%–4.00%. Fund flows stayed split — $241 million into Bitcoin ETFs on Monday against Ether fund outflows per CoinGape, a $3.14 million inflow into US spot XRP ETFs on October 6 per Finbold, and $208.58 million of combined Bitcoin and Ether ETF losses on September 30 per CoinGape — while Bitcoin Insider said the $86,000 level rested on a rate call that had not yet printed.
How the story developed
- First report
First report by CoinGape
Why Is the Crypto Market Down Today?
- Update
Bitcoin reverses after clearing $87,000 as weak US jobs data shifts Fed expectations
Bitcoin briefly cleared $87,000 before reversing, and Bitcoin and Ether ETFs had lost $208.58 million on September 30.
- Independent corroboration
Independently corroborated by CoinDesk
Technicals signal bitcoin shift, Ethereum gears up for Glamsterdam: Crypto Week Ahead
- Update
Week ahead flags FOMC minutes, ISM services and jobless claims
Bitcoin's 50-, 100- and 200-day moving averages were described as converging toward their first fully bullish alignment since 2025.
- Update
Bitcoin near $84,286 after more than $403 million of hourly long liquidations
Brent crude above $101, higher Treasury yields and a firmer dollar were cited as the drivers.
- Update
Bitcoin loses the $85,000 support area
Ether fell more than 3.88% below $2,620 and XRP traded below $1.50.
- Official statement
FOMC minutes show most officials favor another hike before year-end
All 19 participants supported September's 25 basis point increase, which lifted the target range to 3.75%–4.00%.
- Update
Ether trails Bitcoin on Coinbase rolling 24-hour window
Ether fell about 4.85% against a $2,697.05 opening reference while bitcoin fell about 2.82%, a gap of roughly 2.03 percentage points.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 3 Oct 2026, 11:31 UTC: CoinGape — 1 independent source, 1 reports
- 5 Oct 2026, 09:37 UTC: CoinDesk — 2 independent sources, 2 reports
- 5 Oct 2026, 15:46 UTC: Crypto News (CryptoNews.net) — 3 independent sources, 5 reports
- 7 Oct 2026, 06:46 UTC: Crypto.News — 4 independent sources, 6 reports
- 7 Oct 2026, 18:21 UTC: Finbold — 5 independent sources, 9 reports
Affected entities
Also mentioned: Coinbase, Solana, Hyperliquid, Cardano, Aave, BlackRock, Dogecoin
Original sources
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