The cryptocurrency market is experiencing volatility as Bitcoin prices slump below $104,000 amid intensified selling pressure. In the past 24 hours, over $1 billion in cryptocurrency liquidations hit traders following this downturn.
Bitcoin Dips Below $104,000
On October 17, 2025, Bitcoin led a significant market decline, dropping to approximately $103,500. While this plunge was less severe than the record losses seen on October 10, it marks another critical point for the leading digital currency.
The asset made a partial recovery to reach around $106,600 at the time of writing. However, this decline reignited fears following a historic liquidation event of $19 billion just a week earlier.
This drop coincided with rising investor anxiety across Wall Street, triggered by negative news regarding loans from two regional U.S. banks. BitMEX co-founder Arthur Hayes commented on the potential implications of this market behavior.
$BTC on sale. If this US regional banking wobble grows to a crisis be ready for a 2023-like bailout. And then go shopping assuming you have spare capital. I got my list, what’s on yours fam? pic.twitter.com/TbuQQI3njN
— Arthur Hayes (@CryptoHayes) October 17, 2025
Other Cryptocurrencies Follow Suit
While Bitcoin garnered significant attention due to its price drop, other cryptocurrencies such as Ethereum, XRP, Solana, and BNB also faced substantial losses. The trading range for Bitcoin was between $109,260 and $103,598 on the same day.
Ethereum’s price fell below the crucial support level of $4,000, dipping to under $3,680 before hovering around $3,800. Crypto analyst Lark Davis noted that Ethereum is approaching a pivotal moment.
Ethereum pulling back into a key zone here. Price is testing the weekly 20 EMA — lined up perfectly with horizontal support and the 0.382 Fib. Either this area holds and sends it back up, or we start eyeing the next leg lower toward the 0.618. Decision time for $ETH. pic.twitter.com/JtdsBXsUNC
— Lark Davis (@TheCryptoLark) October 17, 2025
Meanwhile, XRP’s price fell over 4% to reach $2.20, significantly below key support levels. Ripple’s acquisition of treasury firm GTreasury and a $1 billion fundraising announcement for XRP could signal a bullish sentiment.
Solana was trading at around $182, down nearly 5% after hitting a low of $174, which rekindled bearish sentiment below the critical $200 mark. BNB, having been one of the strongest performers recently, also saw profit-taking, dropping to $1,024 after reaching an all-time high of $1,370 on October 13.
Altcoins Among Top Losers
As major altcoins mirrored the downturn of Bitcoin, losses across Wall Street catalyzed this sell-off. Aave, Flare, and Bitcoin Cash emerged as some of the most significant losers of the day.
Specifically, AAVE fell by 13%, while ASTER dropped 10%, FLR declined 9.7%, and BCH was down by 8%, leading the underperformance among the top 100 cryptocurrencies by market capitalization.
Earlier in the day, Zcash dipped below $190, marking a 20% drop before a slight rebound brought it back above $216, though it still recorded a 7% decline over the past 24 hours. On the other hand, Ethena, ZORA, and Jito emerged as top gainers, with Jito benefiting from a bullish sentiment related to a $50 million investment from a16z.
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