Bitcoin Breaks $85,000 Barrier, FTT Soars 33%: Key Crypto Market Developments Today

Bitcoin Surpasses $85,000

Bitcoin surged above $85,000 as a wave of short liquidations accelerated the cryptocurrency’s strongest advance since January. Over the past 24 hours, BTC gained more than 5%, reaching $85,190 before easing to $84,545 at press time. According to CoinGlass data, approximately $750.5 million in leveraged crypto positions were liquidated, with shorts accounting for about 86% of the total ($648 million). Bitcoin alone represented roughly $360 million of the liquidations, while Ethereum contributed nearly $171 million.

FTX Token Jumps 33%

FTX Token (FTT) surged 33.43% in the last 24 hours, driven by renewed altcoin rotation and speculative liquidity that pushed the token toward $0.30. The rally aligns with a broader rebound across the altcoin market, though it lacks a token-specific fundamental catalyst. Spot trading volume for FTT skyrocketed 2,187% to $26.6 million, signaling strong trader interest.

Hyperliquid Launches Manual Borrowing

On September 18, 2026, Hyperliquid introduced a manual borrowing feature that allows users to pledge HYPE or Bitcoin as collateral to borrow stablecoins USDC or USDT. On the first day, users borrowed $269 million in stablecoins, demonstrating rapid adoption. Borrowing terms vary by collateral: HYPE holders can borrow up to 65% of token value, with liquidation at 82.5% loan-to-value (LTV); Bitcoin collateral caps at 50%, with liquidation at 75% LTV. The HYPE token reached a record high above $90 following the launch.

Bank of Russia Proposes 1% Crypto Risk Limit

The Bank of Russia has proposed capping banks’ total risk from cryptocurrencies and foreign digital instruments at 1% of their capital. The draft regulation introduces two maximum risk ratios—N31 for individual institutions and N32 for banking groups—both limited to 1% of own funds. The rules cover loans, derivatives, bonds, repo transactions, guarantees, credit lines, and other instruments tied to crypto or foreign digital assets. Banks must comply on every operating day.

Strategy Acquires 950 BTC

According to an 8-K filing with the U.S. SEC, Strategy purchased 950 Bitcoins at an average price of approximately $79,670 between September 14 and 20, 2026, totaling roughly $75.7 million. The company did not sell any shares through its ATM program during this period and repurchased 1.7712 million shares of STRC preferred stock for $174 million. As of September 20, Strategy holds 846,000 BTC, with a cumulative cost basis of about $63.8 billion (average $75,416 per Bitcoin).

FAQs

1. Why did Bitcoin rise above $85,000? Bitcoin gained more than 5% as short liquidations accelerated its rally, with $648 million of the total $750.5 million in liquidations coming from short positions.
2. Why did FTX Token surge more than 33%? FTT benefited from speculative demand and broader altcoin momentum rather than a clear token-specific catalyst. Its spot trading volume surged 2,187% to $26.6 million.
3. What is Hyperliquid’s new manual borrowing feature? Hyperliquid allows users to pledge HYPE or Bitcoin as collateral to borrow USDC or USDT. Users borrowed $269 million in stablecoins on the first day.
4. What crypto limit did the Bank of Russia propose for banks? The Bank of Russia proposed limiting banks’ aggregate exposure to cryptocurrencies and qualifying foreign digital instruments to 1% of their own capital via the N31 and N32 risk ratios.
5. How much Bitcoin does Strategy hold after its latest purchase? Strategy acquired 950 BTC between September 14 and 20, 2026, bringing its total holdings to 846,000 BTC as of September 20.