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Bitcoin Price Today: Drops to $107,000 Amid Market Stagnation
Bitcoin fell on Tuesday, sharply reversing course after the weekend rally ran out of steam, as cryptocurrencies lagged behind other risk markets amid easing trade tensions between the U.S. and China.
The world’s largest cryptocurrency led losses across the crypto market, despite improved risk appetite driven by political developments in Japan and expectations of renewed trade talks between the U.S. and China.
Bitcoin dropped nearly 3% to $107,712.3 as of 08:43 Moscow time.
Bitcoin’s Recovery Stalls as “Uptober” Enthusiasm Fades
Bitcoin failed to break above $110,000 this week following a sharp early-October crash that wiped the cryptocurrency off record highs and erased roughly $500 billion in market capitalization.
The October crash is believed to have triggered greater risk aversion across crypto markets, as traders hesitate to take large positions amid rising volatility in the sector.
Optimism around “Uptober” — the trend where cryptocurrencies traditionally perform well in October — has also faded quickly amid Bitcoin’s decline, with the world’s largest crypto down over 2% for the month.
“This year, Uptober has so far failed to live up to Bitcoin bulls’ expectations. Instead of seasonal strength, price action remained subdued: early gains faded by mid-month, leading to an ugly reversal that may not yet be over,” analysts at Forex.com wrote.
They also noted that Bitcoin is rapidly losing correlation with broader risk markets, especially equities. Crypto markets have weakened even as Wall Street indexes hit a series of record highs in recent weeks.
Forex.com analysts highlighted that Bitcoin “is severely underperforming in an environment where so many high-beta markets are rallying.”
Asian Stocks Rise as Cryptos Fall
This trend continued on Tuesday. Asian stock markets surged, with Japan hitting record highs as Sanae Takaichi — a proponent of fiscal stimulus — advanced toward becoming prime minister.
Chinese markets also rose after U.S. officials made conciliatory statements about the ongoing trade dispute. However, Bitcoin and crypto prices fell across the board during the Asian session.
Cryptocurrency Prices Today: Altcoins Lag, XRP Sees Little Boost from Ripple News
Broader crypto prices also fell on Tuesday, following Bitcoin’s losses after a brief rebound.
Ethereum, the world’s second-largest cryptocurrency, fell 5.3% to $3,859.65, failing to hold the $4,000 level.
XRP dropped 2.2% to $2.4145, gaining little support from news about a new treasury backed by Ripple Labs.
Ripple-backed company Evernorth announced plans to go public on Nasdaq through a merger with a SPAC and raise over $1 billion to accumulate XRP.
Among other altcoins, BNB fell 5.7%, while Cardano and Solana lost between 4% and 6%.
Among meme coins, Dogecoin slipped 4.3%, while $TRUMP declined 3.1%.
See also: "In this cycle, candlestick patterns promise XRP growth up to $27"
