XRP’s attempt to continue its recovery toward the $3 mark has failed, as the cryptocurrency faced potential selling pressure following a large on-chain transfer.
A new round of the U.S.–China trade war has triggered a sharp sell-off across equity markets, hitting crypto-related stocks particularly hard.
At 00:20 (21:20 GMT) on Friday, Bitcoin was trading at $105,505.4, according to Investing.com, down 13.15% on the day. This marks the largest single-day decline in the cryptocurrency’s value since November 9, 2022.
Prices of major cryptocurrencies fell across the board after U.S. President Donald Trump on Friday threatened to impose “massive tariff increases” on Chinese goods imported into the United States.
Following the recent drop in XRP’s price, well-known crypto analyst Egrag Crypto addressed the community, stating that as long as the token’s price on the two-month timeframe remains above $2.77, the decline means nothing.
Bitcoin’s attempt to reclaim its record high was short-lived: after trading slightly below $124,000 before the U.S. stock market opened, the cryptocurrency fell below $121,000 just an hour and a half into trading. At the same time, a pullback hit the gold market, though silver held up better.
Bitcoin fell sharply to around $121,000 on Wednesday after reaching record highs above $126,000 earlier in the week, as profit-taking intensified and a stronger U.S. dollar challenged the ongoing “devaluation trade” narrative.
Bitcoin edged lower on Monday after reaching a record high above $125,000 over the weekend. The cryptocurrency was supported by strong inflows into U.S. spot exchange-traded funds (ETFs) and rising concerns about the prolonged U.S. government shutdown.
Over the past 24 hours, the price of the WLFI token fell by 3% to $0.20, despite bullish sentiment in the cryptocurrency market. The decline came just hours after World Liberty Financial announced the sale of treasury tokens to Hut8,
The decline in the prices of Bitcoin, Ethereum, and other digital assets triggered liquidations on the cryptocurrency futures market totaling nearly $1 billion.
Bitcoin dropped below $110,000 on Friday, marking a sharp weekly decline as crypto options worth about $22 billion expire and investor sentiment remains cautious ahead of key U.S. inflation data.
The main catalyst for Ethereum’s downward trend was the exit of investors from high-risk assets, which began after the strengthening of the U.S. dollar. Rising yields on U.S. government bonds and the risk of a government shutdown after October 1 further fueled the flight to safe-haven instruments, according to experts from a Japanese company.
Shares of Australian fitness equipment manufacturer Fitell dropped 21% after the company announced the purchase of over 46,000 Solana (SOL) worth nearly $10 million.
Ether dropped below $4,000, hitting its lowest level in nearly seven weeks amid a broad selloff in digital assets that has wiped out more than $140 billion in market value since the start of the week, Bloomberg reports.
Bitcoin stabilized on Wednesday after recovering some of its recent losses, although traders remain cautious about crypto markets due to uncertainty surrounding US trade tariffs and interest rate cuts.
Bitcoin edged higher on Wednesday after hitting a seven-week low in the previous session, as risk appetite remained weak following U.S. President Donald Trump’s attempt to fire Federal Reserve Governor Lisa Cook, which heightened concerns about the central bank’s independence.
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