Bitcoin Wobbles Below $87K as CFTC Signals New Crypto Rules

Bitcoin failed to hold above $87,000 on Monday after a sharp intraday spike to $86,969 quickly reversed. Within minutes the price dropped to $85,503 and by 13:05 EST was hovering just above $85,200, leaving its market cap almost unchanged at $1.71 trillion.

The swings triggered more than $109 million in leveraged liquidations for bitcoin alone. Coinglass data shows $62 million came from short positions and $47 million from longs. Across the broader crypto market, total liquidations reached $238 million.

Traders still expect the historical “Uptober” tailwind to return. Adding to the positive mood, the CFTC on October 5 opened a 60-day public comment period on new crypto trading rules. Chairman Michael S. Selig called the move a key step toward keeping the United States the world’s crypto capital.

Based on information from cryptonews.net