Bitcoin Falls Below $81,000 as $1.1 Billion Is Liquidated
Bitcoin hit $80,394 on 8 October 2026, its lowest since 20 September, as about $1.1 billion of mostly long bets were liquidated. NEAR fell 15%.
Bitcoin fell to $80,393.56 on Binance at 17:26 UTC (10:56 pm IST) on Thursday, 8 October 2026, its lowest price since 20 September, as about $1.1 billion of leveraged crypto bets were liquidated in 24 hours, more than 90% of them longs. At 22:23 UTC bitcoin traded at $81,777, down 1.8% over 24 hours, while NEAR fell about 15%.
Key takeaways
- Bitcoin opened 8 October at $83,321.81 and fell 3.5% to its low at 17:26 UTC. At $81,777 (22:23 UTC) it was 5.5% below the $86,530 weekly close of 4 October.
- Liquidations reached about $1.1 billion to $1.16 billion in 24 hours, roughly $1.05 billion of it from long positions.
- NEAR touched $5.595 at 07:13 UTC, a 2026 high, then fell 23% to $4.301 by 18:07 UTC.
- Brent crude near $105, Fed minutes pointing to another rate rise and $484.9 million of bitcoin ETF outflows on 7 October all weighed on prices.
- At ₹96.83 to the dollar, bitcoin at $81,777 is worth about ₹79.2 lakh, before Indian exchange premiums and fees.
What happened to bitcoin on 8 October
Bitcoin's fall on 8 October came in two steps. During the Asian session it slipped from $83,321.81 at midnight UTC to $82,227.56 in the 04:00 UTC hour, then held between about $82,300 and $83,300 through the European morning. The sharp move started in the 15:00 UTC hour (8:30 pm IST), when the price dropped from $82,704 to $80,914 within 60 minutes. Binance spot volume in BTC/USDT for that hour was about $245 million, roughly four times the hourly average of the Asian session.
The low of $80,393.56 came at 17:26 UTC, and bitcoin recovered to about $81,800 by 20:00 UTC. Ether hit its own low of $2,406.11 in the same minute, its lowest since 16 September, and traded at $2,474 at 22:23 UTC, as our Ethereum price in INR page tracks live.
The numbers
Binance spot prices on 8 October 2026 show how much harder altcoins were hit than bitcoin.
| Coin | Open (00:00 UTC) | Day low | At 22:23 UTC | Change from open |
|---|---|---|---|---|
| Bitcoin | $83,321.81 | $80,393.56 | $81,777 | -1.9% |
| Ether | $2,574.15 | $2,406.11 | $2,474 | -3.9% |
| Solana | $116.30 | $105.71 | $110.40 | -5.1% |
| XRP | $1.4214 | $1.3189 | $1.3814 | -2.8% |
| Cardano | $0.2555 | $0.2238 | $0.2348 | -8.1% |
| Avalanche | $11.130 | $9.764 | $10.113 | -9.1% |
| NEAR | $5.335 | $4.301 | $4.543 | -14.8% |
NEAR stands out because it rose before it fell. The token reached $5.595 at 07:13 UTC, its highest price since 20 January 2025, and then lost 23% in 11 hours. We found no NEAR-specific announcement behind the drop. NEAR had nearly tripled from its 1 September close of $1.887, so a lot of recent profit was sitting in the market when it turned. Our NEAR price in INR page shows the live rupee rate.
Why crypto fell: oil, the Fed and leverage
Crypto's sell-off on 8 October had several causes that came together over two days.
- Oil: Brent crude traded around $105 a barrel after reports of fresh attacks on ships in the Strait of Hormuz. Higher oil feeds inflation fears.
- The Fed: Minutes of the Federal Reserve's 15 and 16 September meeting, released on 7 October, showed that most officials thought another rate increase would likely be appropriate by year end. The target range is now 3.75% to 4.00%.
- ETF selling: US spot bitcoin ETFs had a net outflow of $484.9 million on 7 October, the most since late June, and spot ether ETFs lost $160.9 million.
- Leverage: Ether liquidations came to roughly $290 million to $330 million across trackers, ahead of bitcoin at about $240 million to $270 million. The biggest single liquidation was an ether position of almost $20 million on Hyperliquid.
- Seized coins: Blockchain trackers flagged US government-linked wallets moving bitcoin seized after the 2016 Bitfinex hack, some of it to Coinbase Prime, between 6 and 8 October. No sale has been confirmed.
What it means for Indian investors
For Indian investors, bitcoin at $81,777 equals about ₹79.2 lakh at ₹96.83 per dollar, against about ₹80.7 lakh at Thursday's open and ₹77.8 lakh at the low. Indian exchange prices include a premium and fees, so check ₹80,14,906 on our Bitcoin price in INR page.
The liquidation total shows how fast leverage turns. With ₹1 lakh of margin at 10x, a trader controls ₹10 lakh of bitcoin, and the 3.5% fall from the open to the low would cost about ₹35,000, or 35% of the margin, before fees. At 25x the same move costs about ₹88,000, close to a full wipe-out. Our guide on how liquidation price works explains the maths.
Tax rules do not soften a bad day. Crypto gains are taxed at a flat 30% plus 4% cess, 1% TDS applies to transfers, and a loss on one coin cannot be set off against a gain on another, as our explainer on crypto loss set-off rules sets out. Crypto is not banned in India, but use a platform on the list of FIU-registered crypto exchanges; FIU-IND had 54 registered VDA service providers as of 9 March 2026.
What to watch next
- The $80,000 area: the 20 September low was $80,126. Bitcoin last traded below it on 18 September, when it touched $76,296.
- ETF flows for 8 October: due during the Indian day on Friday, 9 October. Mood is tracked on our Fear and Greed Index chart.
- US inflation: September consumer price data are due on Wednesday, 14 October at 6:00 pm IST.
- The Fed: the next rate decision comes on 28 October at 11:30 pm IST.
FAQ
Why did bitcoin fall below $81,000 on 8 October 2026?
Bitcoin fell on higher oil prices, Fed minutes pointing to another rate rise this year, $484.9 million of bitcoin ETF outflows on 7 October and about $1.1 billion of forced selling of leveraged positions. It touched $80,393.56 on Binance at 17:26 UTC.
How much crypto was liquidated on 8 October 2026?
About $1.1 billion to $1.16 billion was liquidated in 24 hours, roughly ₹10,650 crore to ₹11,230 crore. About $1.05 billion came from long positions that had bet on rising prices.
Does the bitcoin fall change crypto tax in India?
No. Gains are still taxed at 30% plus 4% cess, 1% TDS still applies to transfers, and crypto losses still cannot be set off against other income or carried forward.
This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.
