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Bitcoin Price Today: Hovers Around $109K Amid Trade Tensions
Bitcoin remained little changed on Thursday, struggling to gain momentum and holding most of its recent losses as renewed fears of a U.S.–China trade war dampened risk appetite toward cryptocurrencies.
The world’s largest cryptocurrency has traded between $100,000 and $110,000 this month, as traders turned cautious after a sharp sell-off earlier in October that wiped out about $500 billion in crypto market capitalization.
As of 9:06 a.m. Moscow time, Bitcoin rose 0.8% to $108,918.2. Earlier this month, it fell to a low near $103,000.
U.S.–China Trade Tensions Resurface on Reports of New Restrictions
Trade tensions between the world’s two biggest economies — a major drag on risk sentiment this month — resurfaced this week following reports that Washington is considering retaliatory measures against China’s restrictions on rare earth exports.
The U.S. is reportedly weighing curbs on certain software exports to China, a move that could anger Beijing and trigger a renewed trade war between the economic giants.
Although such tensions do not directly impact the crypto industry, market volatility stemming from renewed trade concerns has led investors to cool off on cryptocurrencies in October.
Meanwhile, safe-haven assets like gold saw strong inflows, while tech stocks remained the preferred choice for risk-on investors.
Bitcoin Trails NASDAQ as AI Mania Grows
Bitcoin has underperformed the NASDAQ Composite this month, as AI-related hype continues to drive traders toward tech stocks instead of crypto.
The roughly 5% decline in BTC this October has largely offset optimism over the traditional “Uptober” trend, when crypto markets typically perform well.
By contrast, Bitcoin rose 10% in October 2024.
Additional selling pressure emerged this week after reports that a large Bitcoin whale opened a short position, similar to moves seen before the early-October crash.
Crypto Prices Today: Altcoins Stall as “Uptober” Momentum Fades
The broader crypto market traded flat to lower alongside Bitcoin, with enthusiasm for “Uptober” fading rapidly.
Most altcoins also posted monthly losses.
Ethereum (ETH) held steady at $3,855.63, while BNB outperformed, gaining 3.1% to $1,103.89.
XRP, Solana, and Cardano saw modest increases, while among memecoins, Dogecoin rose 1% and $TRUMP fell 0.4%.
See also: "Hong Kong to launch first approved Solana ETF on October 27"
