Bitcoin fell below $84,000 on Wednesday, October 7, triggering the liquidation of approximately $403.6 million in long positions in one hour according to CoinGlass, including $360 million in just ten minutes per WatcherGuru. Ether also slipped below $2,600 during the sell-off. The minutes of the Federal Reserve’s September meeting, released at 8 PM Paris time, are seen as the first test for markets, after the central bank raised rates by 25 basis points to 3.75-4% on September 16. Job growth disappointed in September with only 29,000 positions created versus 84,000 expected, and markets now price in less than a one-in-four chance of another hike in October. Strategy holds 848,000 bitcoins at an average cost of $75,440, while U.S. government-linked wallets transferred 833.6 BTC to Coinbase Prime ahead of the drop.
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