Why is Bitcoin trading below $110,000? Everything that happened in crypto today
Bitcoin traded at $108,733.66 at press time, declining 2% intraday, pushed by commerce tensions and leverage unwind.
Waning demand additionally contributed to the correction. US-traded spot Bitcoin ETFs recorded approximately $104 million in net outflows on Oct. 15, in response to Farside Investors’ knowledge, eradicating current help for spot bids.
Major altcoins tracked Bitcoin’s decline, with Ethereum falling 1% to $3,949.92 and Solana dropping 1.85% to $190.21.
BNB and XRP every declined 1% and 1.25% respectively, trading at $1,151.47 and $2.37. Cardano and Dogecoin posted steeper losses of 1.5% and 1.6%, reaching $0.6582 and $0.1929.
Macro headwinds and liquidations
The outflows coincided with broader risk-asset weak spot stemming from escalating US-China commerce tensions over rare-earth export controls.
China expanded its rare-earth export restrictions this week, concentrating on vital inputs for the semiconductor, protection, and electronics manufacturing industries.
The new controls carry extraterritorial attain, prompting Washington officers to warn of accelerated financial “decoupling” between the 2 nations.
These headlines pushed the value below the vary between $111,000 and $110,000, triggering a cascade of liquidations in Bitcoin futures markets.
Nearly $500 million in lengthy positions faced liquidation over 24 hours, with $405 million of this quantity occurring in the newest trading session alone, in response to Coinglass knowledge.
Markets adopted a risk-averse stance as headlines highlighted new port-fee measures affecting US vessels and coordinated G7 efforts to counter China’s export restrictions.
Amid this backdrop, gold reached a brand new all-time high of $4,250, reflecting the flight-to-safety sentiment that failed to learn Bitcoin regardless of its positioning as a hedge against currency debasement.
Traders now monitor the $107,000-$110,000 technical vary for Bitcoin’s subsequent directional transfer.
A clear break below this help zone dangers triggering extra liquidation-driven promoting strain because the crypto navigates the intersection of diminished institutional demand and heightened geopolitical uncertainty.
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