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Bitcoin Price Today: Drops to $108K Amid Trade Risks
Bitcoin fell on Friday and is set to finish its second consecutive week of losses, as risk appetite in the cryptocurrency market weakened due to concerns over trade tensions between the U.S. and China, as well as potential credit risks.
Cryptocurrency markets are following the decline in broader risk assets, with Wall Street and global stock markets retreating amid rising economic uncertainty.
The ongoing U.S. government shutdown continues to pressure sentiment, particularly with delays in several key economic reports.
Bitcoin dropped 1.9% to $108,830.2 as of 9:37 a.m. Moscow time.
The world’s largest cryptocurrency is poised to lose around 1.7% this week, after a 10% decline the previous week.
Bitcoin has struggled to recover after last week’s flash crash, which wiped out nearly half a trillion dollars in cryptocurrency market capitalization and pushed the largest digital asset down to $103,000.
The collapse was triggered by escalating trade tensions between the U.S. and China and accompanied by record-long position liquidations totaling $16 billion.
Although the coin recovered part of its losses this week — particularly amid dovish signals from the Federal Reserve — both Bitcoin and the broader crypto market remain in a clearly disadvantageous position.
Bitcoin also trades well below its early October record highs above $126,000.
Risk aversion intensified this week as fears over credit risks in U.S. regional banks grew.
These concerns caused sharp losses in U.S. bank stocks on Thursday and spread to broader markets.
Ripple Labs Plans to Raise $1 Billion to Buy XRP
Ripple Labs, the issuer of XRP, is leading an effort to raise $1 billion in funding to build a reserve of tokens, Bloomberg reported Friday.
Although additional purchases typically have a positive impact on XRP, the token showed a weak reaction to the news, falling 3.7% to $2.3385.
The token also remains near its 11-month low, reached during last week’s flash crash.
According to Bloomberg, the funds will be raised through a special purpose acquisition vehicle (SPV), and Ripple will also contribute part of its own XRP holdings to the reserve.
XRP fell nearly 2% this week, following a 19.8% drop the previous week.
Cryptocurrency Prices Today: Altcoins Decline but Stay Above Last Week’s Lows
Prices of a broader range of cryptocurrencies fell alongside Bitcoin on Friday, although they remain above last week’s lows.
The second-largest cryptocurrency, Ether, fell 3.7% to $3,889.0, while Binance’s BNB dropped 5.2% to $1,127.0.
Cardano and Solana each declined by more than 5%.
Among memecoins, Dogecoin fell 5.7%, while $TRUMP dropped 3.7%.
