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# Why is Bitcoin down today: BTC under $80,000 on US evacuation report
- URL: https://bullquill.com/why-bitcoin-fell-below-80000/
- Published: 2026-10-24T17:14:39.000Z
- Updated: 2026-10-24T17:25:35.000Z
- Description: CoinGecko data show Bitcoin went from $81,102 at 00:00 UTC to $79,730 at 16:00 UTC, a fall of about 1.7%. CoinGlass data cited by crypto news sites show $291 million in liquidations in one hour, about 94% of it in long positions.
- Author: Rowan Ashby
- Tags: Crypto, Breaking, Trending, Bitcoin, Middle East, Iran, Oil, #lang-en, #tr-why-bitcoin-fell-below-80000

## Key takeaways

- Bitcoin dropped below $80,000 on Saturday, October 24, 2026\. CoinDesk reported about $79,700 at 15:11 UTC, down 2.2% over 24 hours.
- Crypto outlets tied the move to a Wall Street Journal report that the US is evacuating personnel from Middle East embassies and bases. The report cited intelligence that Iran is preparing attacks on Americans.
- CoinGecko hourly data show Bitcoin went from $81,102 at 00:00 UTC to $79,730 at 16:00 UTC, a fall of about 1.7%. It traded back near $80,100 by 17:10 UTC.
- CoinGlass data cited by crypto news sites show $291 million in liquidations in one hour, about 94% of it in long positions.
- Brent crude near a six-month high and a $635 million outflow from US spot bitcoin ETFs on October 22 had already weakened the market before Saturday's drop.

## Why is Bitcoin down today?

Why is Bitcoin down today? Bitcoin fell below $80,000 during thin Saturday trading after new reports that the US is pulling personnel out of the Middle East. CoinDesk reported about $79,700 at 15:11 UTC, down 2.2% over 24 hours.

CoinDesk published its report at 11:11 a.m. EDT (15:11 UTC). It said the drop came after the Wall Street Journal reported that Washington is quickly evacuating staff from embassies and military bases across the region. According to that report, the reason is intelligence that Iran is preparing attacks against Americans. CoinDesk said the evacuations go well beyond earlier reports, which covered only some diplomatic staff in Saudi Arabia.

Ether, XRP and Solana each lost roughly 3% to 4% over the same period, according to CoinDesk and TokenPost. Ether fell below $2,300 and Solana below $100, according to CoinGlass prices cited by Bitcoinsistemi. When altcoins fall harder than Bitcoin like this, traders are usually cutting risk across the whole market, not reacting to news about one coin.

## What triggered the sell-off: the Middle East evacuation reports

Three developments on Friday, October 23, and Saturday, October 24, set up the move:

- **An intelligence warning.** TokenPost and CoinDesk both reported an unclassified memo dated October 23\. In it, Director of National Intelligence Jay Clayton told Secretary of State Marco Rubio that Iran had "substantially increased efforts to target U.S. personnel." TokenPost said the memo describes the plotting as advanced, both in the Middle East and elsewhere. Al Jazeera reported the same finding, citing Axios.
- **State Department advisories.** According to TokenPost, US travel advisories updated on October 23 rate Qatar at Level 3 and Lebanon at Level 4\. Both warn that further staffing adjustments "may be imposed." TokenPost noted that the advisories do not confirm any specific departures.
- **Escalation talk from both sides.** At a rally in Florida on Friday, President Donald Trump said the US "may do another Epic Fury," referring to the bombing campaign that opened the war with Iran, according to Al Jazeera and CoinDesk. Ali Abdollahi, chief of Iran's general staff, told state media that US warships would not be allowed back near Iranian waters, Al Jazeera reported.

The State Department advisories cited by TokenPost do not list which posts are being drawn down. For now, the scale of the evacuations rests on the Journal's reporting.

## Bitcoin price timeline, October 23–24

The table below uses CoinGecko's hourly Bitcoin/US dollar series, plus the intraday points that CoinDesk and CoinGlass reported. The data are as of 17:09 UTC on October 24, 2026.

| Time (UTC)       | BTC price (USD) | Source                         | Note                                                     |
| ---------------- | --------------- | ------------------------------ | -------------------------------------------------------- |
| Oct 23, 14:00    | 81,894.45       | CoinGecko                      | Highest hourly print in the 36 hours to 17:00 UTC Oct 24 |
| Oct 24, 00:00    | 81,102.32       | CoinGecko                      | Start of the UTC day                                     |
| Oct 24, 12:00    | 80,516.54       | CoinGecko                      | Slow drift lower through the morning                     |
| Oct 24, 15:00    | 80,142.57       | CoinGecko                      | Just before the break                                    |
| Oct 24, 15:11    | \~79,700        | CoinDesk                       | Down 2.2% over 24 hours                                  |
| Oct 24, intraday | \~79,165        | CoinGlass (via Bitcoinsistemi) | Reported intraday low                                    |
| Oct 24, 16:00    | 79,730.04       | CoinGecko                      | Lowest hourly print; −1.7% from 00:00                    |
| Oct 24, 17:09    | 80,109.22       | CoinGecko                      | Partial rebound; −1.2% from 00:00                        |

Measured from the October 23 hourly high of $81,894, the 16:00 UTC low was about 2.6% lower. Different data providers combine different exchanges, so intraday lows vary by a few hundred dollars between them.

## Liquidations: how leverage made the drop worse

The fall below $80,000 triggered forced selling of leveraged positions. The liquidation figures below come from derivatives tracker CoinGlass, as reported by crypto news outlets:

- **One hour:** about $291 million liquidated across the market, of which $274 million were long positions and $17.3 million were shorts. Bitcoin accounted for about $86.8 million and Ether for about $69.8 million (CoinGlass via Odaily, published by KuCoin News).
- **Four hours:** about $430 million, with roughly $404 million from longs (CoinGlass via Bitcoinsistemi).
- **24 hours:** about $828 million, including $699 million from longs (CoinGlass via Bitcoinsistemi).

These totals were captured at different times, so they should be read as approximate. When long positions are liquidated, exchanges sell them at market price. That selling can push prices down further around a closely watched round number such as $80,000\. Weekend order books are usually thinner, so a given amount of selling moves the price more. Crypto trader Ted Pillows, quoted by Bitcoinsistemi, blamed part of the drop on low liquidity at the end of the week.

## Oil and ETF outflows had already weakened the market

Bitcoin was already under pressure before Saturday. On October 23, CoinDesk's live coverage reported Brent crude above $116 a barrel for the first time since late April, and WTI at $102.53\. Al Jazeera put Brent near $117 on October 24, its highest since April, after Iran's Revolutionary Guard reported attacks on tankers in the Gulf. Higher oil prices can lift inflation expectations and reduce the chance of Federal Reserve rate cuts. Bullquill's [explainer on oil shocks and interest rates](https://bullquill.com/how-oil-price-shocks-hit-inflation-and-rates/) explains how that works, and the [weekly oil brief](https://bullquill.com/oil-weekly-brief-2026-10-23/) covers the supply side.

Fund flows were also weak. US spot bitcoin ETFs had net outflows of $635 million on Thursday, October 22, according to Farside Investors data cited by CoinDesk. It was the largest daily outflow since June 25\. CoinDesk estimated the average cost basis of US spot ETF holders at about $82,313\. With Bitcoin now below that level, the average ETF buyer is holding a loss. Our [October 23 crypto brief](https://bullquill.com/crypto-daily-brief-2026-10-23/) covered that session, and the [Bitcoin ETF flows explainer](https://bullquill.com/bitcoin-etf-flows-explained/) shows how to read the daily inflow and outflow data.

## Is this the first time Bitcoin fell below $80,000 this month?

No. Bitcoin also dipped below $80,000 on October 15 before recovering, according to TokenPost and Bitcoinsistemi. Saturday's break was the second test of that level in nine days. Earlier in the month, Bitcoin.com reported a fall below $81,000 on October 8, when Brent crude jumped to about $105.

## Levels and events reporters are watching

| Level or event | Why it is cited                                                               | Source               |
| -------------- | ----------------------------------------------------------------------------- | -------------------- |
| $82,500        | Support level Bitcoin lost late on Oct 22                                     | CoinDesk             |
| \~$82,313      | Estimated average cost basis of US spot bitcoin ETFs                          | CoinDesk             |
| $80,000        | Round number tested on Oct 15 and broken on Oct 24                            | CoinDesk, TokenPost  |
| Oct 27–28      | Federal Reserve policy meeting                                                | CoinDesk             |
| Oct 27         | Israeli election                                                              | Al Jazeera           |
| Nov 3          | US midterm elections, after which Trump has suggested renewed attacks on Iran | Al Jazeera, CoinDesk |

These levels are reference points that market reporters cite. They are not forecasts. For background on the political side, see our report on [Trump saying the US is not negotiating with Iran](https://bullquill.com/trump-says-us-not-negotiating-with-iran/).

## What it means

Saturday's drop shows how closely Bitcoin is moving with geopolitical risk during this conflict. The trigger was a report about US personnel, not news about crypto itself. Thin weekend liquidity and crowded long positions then made the move bigger. Several questions remain open: how many posts are actually being evacuated, whether oil keeps rising, and how the Fed responds to higher energy prices next week. Each of these could affect the next move in either direction. The cause cited for this drop is the reported evacuations. Other factors, such as the ETF outflows and a negative Coinbase premium that CoinGlass data show has lasted 31 days, contributed but were not the trigger.

## Frequently asked questions

### Why is Bitcoin down today, October 24, 2026?

Bitcoin fell below $80,000 on Saturday after the Wall Street Journal reported that the US is evacuating personnel from Middle East embassies and bases because of intelligence that Iran is preparing attacks, according to CoinDesk. High oil prices and recent ETF outflows had already weakened the market.

### How low did Bitcoin go on October 24?

CoinDesk reported about $79,700 at 15:11 UTC. CoinGecko's lowest hourly price was $79,730 at 16:00 UTC, and CoinGlass data cited by Bitcoinsistemi showed an intraday low near $79,165\. By 17:09 UTC, CoinGecko showed Bitcoin back near $80,109.

### How much was liquidated when Bitcoin fell below $80,000?

CoinGlass data reported by Odaily showed about $291 million in liquidations in one hour, $274 million of it in long positions. Bitcoinsistemi cited about $828 million in liquidations over 24 hours.

### Has Bitcoin fallen below $80,000 before this month?

Yes. According to TokenPost and Bitcoinsistemi, Bitcoin also dipped below $80,000 on October 15 before recovering, so the October 24 break was the second test of that level in nine days.

## Sources

- [CoinDesk: Crypto under weekend pressure, bitcoin slides below $80,000 on U.S. Middle East evacuations (Oct 24, 2026)](https://www.coindesk.com/markets/2026/10/24/crypto-under-weekend-pressure-bitcoin-slides-below-usd80-000-on-u-s-middle-east-evacuations?ref=bullquill.com)
- [CoinDesk live updates: Bitcoin holds above $81,000 as oil prices hit six-month high (Oct 23, 2026)](https://www.coindesk.com/markets/2026/10/23/live-updates-bitcoin-holds-above-usd81-000-as-the-ai-rout-fades-and-oil-climbs?ref=bullquill.com)
- [TokenPost: Bitcoin trades below $80,000 as U.S. advisories flag possible staff changes (Oct 24, 2026)](https://www.tokenpost.com/news/investing/40087?ref=bullquill.com)
- [Al Jazeera: Iran says won't allow US warships to get close as Trump ponders new attacks (Oct 24, 2026)](https://www.aljazeera.com/news/2026/10/24/iran-says-wont-allow-us-warships-to-get-close-as-trump-ponders-new-attacks?ref=bullquill.com)
- [CoinGecko: Bitcoin price and hourly market data](https://www.coingecko.com/en/coins/bitcoin?ref=bullquill.com)
- [KuCoin News (Odaily, CoinGlass data): BTC falls below $80,000, $291M in liquidations in one hour](https://www.kucoin.com/news/flash/btc-falls-below-80-000-291m-in-liquidations-in-1-hour?ref=bullquill.com)
- [Bitcoinsistemi via Crypto News: Bitcoin falls below $80,000 again nine days later](https://cryptonews.net/news/bitcoin/33645128/?ref=bullquill.com)
- [Bitcoin.com News: Bitcoin drops below $81K as crypto liquidations top $1.1 billion (Oct 8, 2026)](https://news.bitcoin.com/market-updates/bitcoin-drops-below-81k-crypto-liquidations-top-1-billion/?ref=bullquill.com)
- [US Department of State: Travel advisories](https://travel.state.gov/en/international-travel/travel-advisories.html?ref=bullquill.com)

This article is for information only and is not investment advice.