Bitcoin fell below $80,000 on Saturday for the first time in more than a month, touching about $79,280 as reports of a fast US evacuation from Middle East embassies and bases hit a market already loaded with leveraged bets. More than $400 million of long positions were forced shut in four hours, and ether fell almost twice as hard as bitcoin. At 21:04 Riyadh time, bitcoin was back just above $80,000, down about 1.6% on the day.
| Coin | Price (USD) | Price (SAR) | 24h change |
|---|---|---|---|
| Bitcoin (BTC) | $80,184 | SAR 300,949 | -1.6% |
| Ethereum (ETH) | $2,320.81 | SAR 8,710.57 | -3.5% |
| Solana (SOL) | $100.46 | SAR 377.04 | -3.7% |
| BNB | $724.60 | SAR 2,719.59 | -2.6% |
| XRP | $1.27 | SAR 4.78 | -2.5% |
| Dogecoin (DOGE) | $0.0764 | SAR 0.287 | -4.2% |
| Zcash (ZEC) | $1,159.82 | SAR 4,353.09 | -6.8% |
Key points
- Bitcoin's 24-hour low on CoinGecko was $79,263; The Block put the low at about $79,280 around 18:20 AST, before a bounce back above $80,000.
- Of $436.44 million in liquidations in the four hours to 20:00 AST, $404.15 million were long positions, according to CoinGlass data cited by The Block.
- The trigger was a Wall Street Journal report that the US was quickly pulling personnel from embassies and bases across the region after an intelligence memo warned of Iranian plots at "advanced stages".
- US spot bitcoin ETFs lost $635.6 million on Thursday and $137.9 million on Friday, per Farside data. The next flow figures arrive on Monday 26 October.
- The Federal Reserve meets on 27 and 28 October; its statement is due at 21:00 AST on Wednesday.
What moved the market
- GeopoliticsOn Saturday morning US time, CoinDesk linked the slide to a WSJ report of a rapid US evacuation of embassy and base personnel across the Middle East.
- LeverageTwo bursts of forced selling, at about 17:15 and 18:15 AST, wiped out $339 million of long bets in 30 minutes, The Block reported.
- FlowsSpot bitcoin ETFs had two straight days of withdrawals totalling about $773 million, ending a three-day run of inflows, according to Farside Investors.
The sequence matters. Bitcoin had already slipped from close to $85,000 on Wednesday night to just above $80,500 by Saturday lunchtime, a move we covered in our morning crypto brief. That drift was driven by ETF outflows, a weak session for technology shares and oil prices above $116 a barrel. What changed in the afternoon was a fresh, specific piece of news from the region, arriving on a weekend when traditional markets are closed and crypto is one of the few places where investors can react in real time.
According to Reuters, Director of National Intelligence Jay Clayton wrote to Secretary of State Marco Rubio on 23 October that Iran had "substantially increased efforts to target US personnel". Reuters also reported that the State Department ordered non-emergency staff and their families to leave US missions in Saudi Arabia on Wednesday, and updated travel advisories for more than a dozen countries in the Gulf and the wider Middle East on Saturday. AP reported that staffing was being reduced at four embassies in the region.
The liquidation cascade, hour by hour
A liquidation happens when an exchange closes a leveraged position because the trader's margin can no longer cover the loss. When many traders have borrowed to bet on higher prices, a sharp drop can set off a chain: each forced sale pushes the price lower, which triggers the next batch of forced sales.
That is what Saturday looked like. The Block, using CoinGlass data, counted $208.21 million of long liquidations in the 15 minutes from 17:15 AST, as bitcoin fell from about $80,640 to $80,100, and another $131.17 million in the 15 minutes from 18:15 AST. Long liquidations between 15:00 and 19:00 AST totalled $401.91 million, the most for any four-hour window since the night of 14 October. Over 24 hours, liquidations reached $815.26 million and hit 201,012 traders, while open interest in crypto futures fell 2.2% to $140.10 billion. The largest single order was an $11.85 million ether long on Binance.
Ether stands out. Its liquidations of $136.72 million in the four-hour window came within about $22 million of bitcoin's $158.45 million, even though ether's market value is less than a fifth of bitcoin's. On CoinGecko's hourly data, ether's low of about $2,304 at 19:00 AST was its weakest reading of the past 30 days. Smaller tokens fell harder still: among the top 100 coins, NEAR lost about 9%, Aave about 8.6% and Worldcoin about 13.7% over 24 hours. Bitcoin's share of the whole crypto market stood at 59.6%, a sign that money moved towards the largest asset rather than away from crypto entirely.
Why $80,000 matters to big holders
Round numbers are psychological, but $80,000 also has a practical meaning this month. BeInCrypto, via Yahoo Finance, cited Glassnode estimates that companies holding bitcoin on their balance sheets paid about $80,000 per coin on average, so the typical corporate treasury position is now around break-even or slightly under water. CryptoSlate reported a separate Glassnode estimate of about $81,500 for the average cost of the bitcoin held by US spot ETFs. With the price below both figures, many of the largest recent buyers are holding at a paper loss.
That can cut both ways. Some holders sell to limit losses when the price falls below what they paid; others treat the area as a level worth defending. The ETF figures due on Monday will be the first hard data on which way institutions leaned. The Block also reported that BitMEX co-founder Arthur Hayes said early on Saturday that he had closed the directional book at Maelstrom, his family office, writing "I dumped it all", one sign of how nervous some well-known traders have become.
What it means for you
If you hold crypto, or are thinking about it, Saturday offers a few practical lessons rather than a signal to act.
- Leverage is what turns a dip into a wipe-out. Bitcoin's 24-hour fall was under 2%, yet more than 200,000 leveraged traders were liquidated. Someone who simply held the coin lost a small percentage on paper; someone trading with high leverage could have lost their whole margin.
- Weekends are thin. Stock markets, ETFs and CME futures are closed, so fewer participants trade and prices can move further on less volume. A weekend move is not always confirmed on Monday.
- Regional news reaches your portfolio fast. The same headlines affect oil, flights and markets across the Gulf. In Riyadh, the Fed decision lands at 21:00 AST on Wednesday; after US clocks change on 1 November, US releases arrive an hour later in Saudi time, as our guide to the clock changes explains.
- Know the local rules. A committee led by Saudi Arabia's Capital Market Authority, with SAMA as a member, has warned that virtual currencies are not approved as legal tender in the Kingdom and that no party is licensed by Saudi regulators to deal in them.
What to watch next
Three dates stand out. Monday 26 October brings the first US spot ETF flow figures since the drop, after Thursday's $635.6 million and Friday's $137.9 million outflows. The Federal Reserve meets on 27 and 28 October, with the statement due at 2:00 p.m. ET, which is 21:00 AST. US inflation data on personal consumption expenditures (PCE) follows on 29 October, according to Bitcoin.com News. Beyond the calendar, any further news on US staffing in the region, Houthi attacks or oil prices is likely to move crypto first, simply because it trades through the weekend.
FAQ
Why did bitcoin fall below $80,000 today?
The immediate trigger was a WSJ report, cited by CoinDesk, of a rapid US evacuation of personnel from Middle East embassies and bases. The drop then sped up as more than $400 million of leveraged long positions were liquidated in four hours.
How low did bitcoin go?
CoinGecko recorded a 24-hour low of $79,263, and The Block put the low at about $79,280 around 18:20 AST. By 21:04 AST bitcoin was trading at $80,184.
Why did ether fall more than bitcoin?
Ether had a large share of leveraged long bets relative to its size. Its liquidations came close to bitcoin's in dollar terms although its market value is less than a fifth as large, and it fell about 3.5% against bitcoin's 1.6%.
Is crypto trading licensed in Saudi Arabia?
A CMA-led committee that includes SAMA has warned that virtual currencies are not legal tender in the Kingdom and that no party is licensed by Saudi regulators to deal in them. Check the latest official guidance before using any platform.
Not financial advice. This article is for general information only. Crypto assets are highly volatile and can lose all their value. WorldScope does not recommend buying or selling any asset. Check the rules that apply in your country and consult a licensed adviser before investing.
Sources
- CoinGecko market data (prices, 24h range, global market cap), 18:04 UTC, 24 Oct 2026
- CoinDesk: Crypto under weekend pressure, bitcoin slides below $80,000 on US Middle East evacuations
- The Block: Crypto longs lose $404 million in four hours as bitcoin briefly slips below $80,000
- Reuters (via Al-Monitor): Iran has ramped up efforts to target US personnel, intelligence memo warns
- AP: US reduces staffing at Middle East embassies over Iran threat (report, 23 Oct 2026)
- Farside Investors: US spot bitcoin ETF daily flows
- BeInCrypto via Yahoo Finance: Bitcoin loses $80,000 as $200 million in leverage unwinds in an hour
- CryptoSlate: Bitcoin ETFs shed $635 million as BTC tests their holdings' estimated $81,500 cost basis
- Bitcoin.com News: Bitcoin slides under $81K as Trump breaks a line bulls held since August
- Federal Reserve: FOMC meeting calendar 2026
- Capital Market Authority (Saudi Arabia): Warning on virtual currencies
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