Crypto Markets Jolt: Bitcoin Falls, Ethereum Holds Strong
Bitcoin (BTC) ended October down around 4%, posting its first monthly loss since 2018. The price briefly reached a new high above $126,000, but fell to around $104,783 due to market uncertainty, the Fed's monetary policy, and US-China trade tensions.
At market close, BTC was trading around $109,634, showing a slight recovery from its previous low.
Ethereum (ETH) ended October down around 8%, but still posted a year-to-date gain of around 14%. The price briefly dipped below $3,800, but rebounded and was trading around $3,857 at market close.
Altcoins: XRP, ADA, and BNB Under Pressure
XRP: Down around 12.5% throughout October, trading around $2.51.
Cardano (ADA): Trading around $0.609, posting a monthly decline of around 3%.
Binance Coin (BNB): Trading around $1,087, experiencing a decline of around 5% throughout October.
Market Sentiment and Driving Factors
Fed Policy: Chairman Jerome Powell stated that further interest rate cuts are "far from certain," leading to a strengthening of the US dollar and pressuring crypto prices.
US-China Trade Tensions: President Trump's imposition of 100% tariffs on Chinese imports and threats of export controls triggered massive liquidations in the crypto market.
Market Liquidations: Over $890 million in long positions were liquidated in the past 24 hours, reflecting high volatility and risk-off sentiment in the market.
Despite significant declines, Bitcoin and Ethereum still posted solid year-to-date gains. Technical analysis suggests that BTC needs to break through the resistance level around $112,000 to resume its bullish trend, while ETH must maintain support above $3,800 to avoid further declines.
Investors are advised to monitor developments in the Fed's policy, US economic data, and global trade dynamics, which could influence the future direction of the crypto market.(CP)
Source: Newsmaker.id
