- Bitcoin fell to $107,712 as its October rebound stalled, showing weakness despite global market gains.
- Altcoins including Ether, XRP, and BNB also declined, reflecting broad crypto market losses.
Bitcoin stumbled on Tuesday, falling to $107,712.3 as a weekend rebound lost steam. The retreat highlighted persistent volatility in crypto markets, which lagged broader risk assets despite easing U.S.-China trade tensions.
Bitcoin Recovery Stalls Amid Market Caution
The world’s largest cryptocurrency has struggled to maintain momentum above $110,000 this week. Earlier this month, a flash crash erased roughly $500 billion from the crypto market, fueling caution among traders wary of high volatility.
The so-called “Uptober” trend, where crypto historically posts gains in October, has also failed to materialize. Bitcoin’s price has dipped over 2% so far this month, undermining early optimism.
Analysts noted, “Instead of seasonal strength, the price action has remained subdued with an early rally fizzling midway through the month, delivering an ugly reversal that may not be over yet.” Bitcoin’s performance has increasingly diverged from equities, even as Wall Street hit record highs in recent weeks.
Altcoins Follow Bitcoin’s Downturn
Other cryptocurrencies mirrored Bitcoin’s struggles on Tuesday. Ether slipped 5.3% to $3,859.65, unable to hold the $4,000 level. XRP declined 2.2% to $2.4145, showing little support from Ripple Labs’ announcement of a Nasdaq listing through a blank-check company, which aims to raise over $1 billion to accumulate XRP.
BNB, Cardano, and Solana also posted losses ranging between 4% and 6%. Memecoins faced similar declines, with Dogecoin down 4.3% and $TRUMP falling 3.1%.
Global Markets Gain, But Crypto Lags
Interestingly, crypto lagged even as Asian stock markets surged. Japan reached record highs amid political optimism surrounding Sanae Takaichi’s prime ministerial bid, while Chinese markets climbed following conciliatory statements from U.S. trade officials. Forex.com analysts observed that Bitcoin was “lagging badly in an environment where so many high-beta markets are ripping higher.”
The divergence between crypto and traditional markets underscores the sector’s unique risks, suggesting traders remain cautious despite broader market optimism.
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