Crypto Today: Bitcoin, XRP and Ethereum dip slightly amidst fear of market-wide correction
Source Fxstreet
- Bitcoin holds steady above $72,000 on Thursday, notes a slight decline on the day.
- Ethereum loses less than 1% of its value, trades above $2,600.
- XRP trades above $0.51, down less than 1% on the day.
The Crypto Fear & Greed Index indicates “extreme greed” for the second consecutive day, increasing the chances of a market-wide correction.
Bitcoin, Ethereum and XRP updates
- Bitcoin trades above the $72,000 level as traders watch the largest cryptocurrency for signs of a return to the previous all-time high. The Crypto Fear & Greed Index, an indicator used to gauge the sentiment among traders, reads “extreme greed” for the second day in a row.
- This reading is typically associated with an impending correction in the crypto market, according to the indicator’s interpretation on the official site.
Crypto Fear & Greed Index Source: Alternative.me
- Ethereum loses nearly 1% on the day, trades at $2,638.
- XRP trades at $0.5184, less than a 1% decline on Thursday. The native token of the XRP Ledger is likely gearing up for further decline.
Chart of the day: ApeCoin (APE)
ApeCoin (APE), the token of the Bored Apes Yacht Club NFT collection, ranks among the cryptocurrencies that yielded losses in the last 24 hours. APE could extend its decline further and slip to $0.902, its 10-day Exponential Moving Average (EMA).
The Relative Strength Index (RSI) reads 52. Though it remains above the neutral level of 50, thedownward slope hints at a negative trend in APE’s price.
The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars under the neutral line, indicating an underlying negative momentum in APE’s price trend.
APE/USDT daily price chart
If ApeCoin gains, it will face resistance at the lower boundary of the FVG at $1.204.
Market updates
- Changpeng Zhao (CZ), former CEO of Binance, made an appearance at Binance Blockchain Week and gave a speech. The executive had previously informed in a tweet on X that he would attend the event in a personal capacity.
I will be attending the Binance Blockchain Week in Dubai on Oct 30-31, in my personal capacity. It’s one of the biggest web3 events of the year. See you there. ✊
— CZ BNB (@cz_binance) October 10, 2024
- MicroStrategy (MSTR) announced a plan to raise $42 billion in capital over the next 3 years for Bitcoin purchases, including a $21 billion equity offering and $21 billion raised in fixed-income securities, founder Michael Saylor said on X.
MicroStrategy announces $42 billion capital plan including $21 billion ATM equity offering and a target of raising $21 billion in fixed-income securities. Join us at 5pm ET as we discuss our quarterly results and #Bitcoin Treasury Company plans. $MSTR https://t.co/eXYELbN1Dm
— Michael Saylor⚡️ (@saylor) October 30, 2024
- Crypto data intelligence platform Lookonchain says that Youtuber MrBeast, an influencer with 31.2 million followers, engaged in insider trading, mislead investors and used his influence to pump tokens before dumping them.
MrBeast (@MrBeast), an influencer with 31.2M followers, has engaged in insider trading, misleading investors, and using his influence to pump tokens, only to dump them later.
— Lookonchain (@lookonchain) October 30, 2024
He has made over $23M in profits from various crypto projects:
$11.45M from $SUPER
$4.65M from $ERN… pic.twitter.com/gMtXVemCDE
Industry updates
- Bitwise data shows that even as Bitcoin is close to its previous all-time high, Google searches for the cryptocurrency remain low.
NEW: The #Bitcoin price is near its ATH, yet Google searches for “Bitcoin” remain low.
— Bitcoin Magazine (@BitcoinMagazine) October 31, 2024
We are just getting started pic.twitter.com/YDjopgk5oK
- Archax, UK’s first regulated Real World Asset (RWA) exchange, agreed to acquire Spanish broker King and Shaxson Capital Markets to expand its operations in Europe.
Archax to acquire Spanish broker KSCM, extending its current UK regulations into #EU in preparation for #MiCAR and adding #crypto #derivatives permissions.https://t.co/cdhEInHXTc pic.twitter.com/ooV3gVAZAS
— Archax (@ArchaxEx) October 31, 2024
- Reddit sold a large share of its crypto portfolio in Q3, offloading its Bitcoin and Ethereum previously held for treasury purposes, according to a SEC filing.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
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