Bitcoin, Ethereum and XRP Dive as Rate Cut Hopes Fade, Liquidations Near $1 Billion

Bitcoin extended its recent slide Thursday, diving below the $87,000 mark for the first time since April as traders weighed the prospects of a third rate cut this year following the delayed release of September jobs data.

The price of Bitcoin has fallen as low as $86,520 on the day, with a nearly 3% daily fall that’s extended the leading cryptocurrency’s weekly dive to 13.5% as of this writing.

Bitcoin has plunged by 31% since setting a new all-time high mark above $126,000 in early October.

Overall crypto market liquidations have surged over the past hour, currently sitting at $933 million across all crypto assets over the last 24 hours, per CoinGlass. Bitcoin leads the losses on the day, with $380 million worth of liquidated positions, followed by Ethereum at $239 million.

Ethereum and XRP are showing slightly sharper daily losses, both down about 3% as of this writing to prices of $2,827 and $2.00, respectively. ETH is down 15% over the past week, with XRP’s loss in the same period nearing 18%.

Stocks are similarly falling on the day, with the S&P 500 and Nasdaq both showing losses in excess of 1% as of this writing.

Editor’s note: This story is breaking and will be updated with additional detail.