Cryptos Weaken Across the Board as BTC Dips Below $80,000 Again, XRP Drops Below $1.3

TradingKey - Cryptocurrencies broadly decline, Bitcoin's $80,000 critical line is under pressure again, and XRP falls below the $1.3 level.

On October 26, the cryptocurrency market continued to face downward pressure, with mainstream coins falling below key levels one after another. Among them, Bitcoin (BTC) lost the $80,000 mark again, Ethereum (ETH) fell below $2,400, Binance Coin (BNB) fell below $740, and XRP (XRP) fell below $1.3.

Cryptocurrency price changes, Source: CoinMarketCap

Over the past 24 hours, although price fluctuations among mainstream coins were not significant, market sentiment continued to worsen into panic. Currently dropping to 43, it not only broke below the neutral level to enter fear territory, but also hit a nearly three-month low. As the market enters big tech earnings week for U.S. stocks and the Federal Reserve is set to announce its interest rate decision, bullish sentiment in the crypto market could face further setbacks.

This week (starting October 26), Google (GOOG), Microsoft (MSFT), Amazon (AMZN), and other tech giants are set to report earnings. Previously, against the backdrop of Tesla (TSLA) reporting a 56% plunge in Q3 operating profit, and Meta (META)'s CapEx expansion triggering a sharp stock price drop, global institutional hedge funds chose to liquidate high-risk assets ahead of earnings releases.

Currently, the 10-year U.S. Treasury yield remains at a high of 5%, and the U.S. Dollar Index (DXY) holds firm at the 100 level. Market expectations for a Fed rate hike in October have fallen, but room for a rate cut at the December FOMC meeting has also narrowed significantly. High-beta and highly leveraged crypto assets may face systematic de-valuation.