Bitcoin Price Fails to Break $87K as CFTC Signals New Crypto Rules

During bitcoin’s latest attempt, the reversal was swift as the price tumbled from $86,615 to $85,503 in less than 20 minutes. As of 1:05 p.m. EST, the cryptocurrency had fallen further to trade just above $85,200, leaving its market capitalization virtually unchanged from 24 hours earlier at $1.71 trillion.

The volatile price action resulted in over $109 million in leveraged bitcoin positions being wiped out. Coinglass data shows liquidated short positions accounted for the lion’s share of the liquidations at $62 million, compared to $47 million in long bets. Across the broader cryptocurrency market, short liquidations totaled $122 million, while long liquidations reached nearly $116 million.

CFTC Takes Step Toward Crypto Rulemaking

Notwithstanding the current range-bound price action, analysts maintain an optimistic outlook, anticipating that the broader “Uptober” trend will reignite buying pressure and pave the way for a net-positive finish to 2026. Adding to the bullish sentiment, U.S. regulatory agencies are stepping in to craft clear operational rules following Congress’s failure to pass the CLARITY Act, a move widely interpreted as a long-term tailwind for digital asset adoption.