The cryptocurrency market has slipped back into the red over the past 24 hours, with Bitcoin (BTC), Ethereum (ETH), and other altcoins continuing to lose ground. BTC made a strong recovery after Friday’s crash and reclaimed $115,000, even briefly rising above $116,000. However, selling pressure returned as sentiment waned. As a result, the flagship cryptocurrency fell below $112,000. BTC is down over 3% in the past 24 hours, trading around $111,908.
Meanwhile, ETH is struggling to stay above $4,000. The altcoin rebounded after Friday’s crash to reclaim $4,000 and reach an intraday high of $4,290 early on Tuesday. However, it failed to push higher and dropped to its current level. ETH is down nearly 4% over the past 24 hours, trading around $4,003. Ripple (XRP) is down over 6%, trading around $2.47, while Solana (SOL) is marginally down as it struggles to reclaim $200. Dogecoin (DOGE) is down over 5%, while Cardano (ADA) is down nearly 1% at $0.683. Chainlink (LINK) is down almost 5%, trading at $18.63. Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered substantial declines.
China Retaliates After Trump’s Tariffs
China has responded to President Trump’s tariffs by imposing curbs on American units of Hanwha Ocean Co., one of South Korea’s biggest shipbuilders. Trump’s imposition of 100% tariffs on Chinese goods drove markets into the red, with over $19 billion worth of leveraged crypto positions liquidated in a brutal selloff. While the cryptocurrency market recovered on Sunday and Monday, selling pressure has returned, with most tokens trading in the red. The selloff was a drastic reset for crypto, with investors pulling over $750 million from Bitcoin and Ethereum ETFs. Analytics platform Glassnode stated in a note,
“The market now enters a consolidation phase, one defined by renewed caution, selective risk-taking, and a more measured rebuilding of confidence across both spot and derivatives markets.”
Bitcoin, Ethereum ETFs Register Combined $755M In Net Outflows
US-listed spot Bitcoin and Ethereum ETFs registered a combined $755 million in outflows on October 13 as trade tensions between the US and China escalated. According to data from SoSoValue, US Bitcoin ETFs recorded $326.5 million in net outflows on Monday, with Grayscale’s GBTC accounting for the bulk of redemptions. GBTC saw $145.3 million in outflows, followed by Bitwise’s BITB with $115.6 million, and Fidelity’s FBTC with $93.2 million. However, BlackRock’s IBIT registered $60 million in inflows.
Meanwhile, spot Ethereum ETFs registered $428.5 million in net outflows. BlackRock’s ETHA led the redemptions with $310 million. No Ethereum ETFs registered any inflows.
Bhutan Migrates National ID System To Ethereum
Bhutan is migrating its self-sovereign ID system from Polygon to Ethereum. The system allows the country’s residents to verify their identities and access government services. According to Ethereum Foundation President Aya Miyaguchi, the integration with Ethereum has been completed, and the migration of all resident credentials is expected to be completed by the first quarter of 2026. Miyaguchi stated on X,
“Today, Bhutan celebrates a historic milestone, becoming the first nation to anchor its national digital identity system on Ethereum. It’s deeply inspiring to see a nation commit to empowering its citizens with self-sovereign identity.”
California To Establish Regulatory Safeguards For Social Media And AI Chatbots
California Governor Gavin Newsom has said the state plans to establish regulatory safeguards for social media platforms and AI companion chatbots in an effort to safeguard children. The governor’s office revealed Newsom had signed several bills into law that will require social media platforms to add age verification features, protocols to address self-harm and suicide, and warnings for AI chatbots. Senators Steve Padilla and Josh Becker introduced the AI Bill, SB 243, in January. The bill requires platforms to disclose that chatbots are AI-generated and may not be suitable for children. Senator Padilla stated in October,
“This technology can be a powerful educational and research tool, but left to their own devices, the Tech Industry is incentivized to capture young people’s attention and hold it at the expense of their real-world relationships.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has plunged back into bearish territory during the ongoing session. The flagship cryptocurrency is down over 4%, as it struggles to stay above $110,000. The bearish turn comes after China moved to retaliate against the 100% tariffs on Chinese goods announced by President Trump. BTC registered a drop of 1.96% on Saturday as bearish sentiment from Friday’s crash lingered. Positive sentiment returned on Sunday as the price rose almost 4% to reclaim $115,000 and settle at $115,067. The flagship cryptocurrency faced volatility and selling pressure on Monday before registering a marginal increase and settling at $115,274 before dropping during the ongoing session.
Traders remain cautious after the weekend’s selloff. However, analysts state that the liquidations cleared excess leverage and have created a healthy setup that could allow BTC to recover. Trading volumes have dropped 25% to around $69 billion, while CoinGlass data reveals a marginal increase in derivatives volume to $109.97 billion. However, open interest (OI) fell 1.8% to $73.36 billion.
Meanwhile, an October 14 analysis by CryptoQuant contributor Chairman Lee revealed that the BTC on centralized exchanges has fallen to around 2.4 million BTC, the lowest level since 2015. When fewer coins are available on exchanges, selling pressure tends to ease, often leading to major price rallies, as seen in 2020 and 2021. According to Lee’s analysis, while prices may appear weak in the short term, the underlying bullish structure is intact. If long-term holders, institutional investors, and ETFs transfer their assets into cold storage, the supply could get even more restricted.
Another analysis by Japan’s XWIN Research noted that with the market crash, $19 billion in leveraged positions were wiped out. Historically, such large-scale liquidation events reset the market rather than drive it lower. With excess leverage cleared, spot demand tends to return, helping prices recover. ETF inflows, institutional demand, and low exchange reserves of BTC suggest a similar pattern may be playing out. However, one trader believes there is more downside, stating in a post on X,
“Last week’s flash crash perfectly bounced off our diagonal uptrend support from August 2024 at 40k. I’m looking for at least a retest of 108, but as many of you know, HTF has bearish indications. Will check 1D when we get an intra support retest at 107-108.”
BTC traded in bullish territory last week, and began the previous week with a 1.41% increase to $122,318. The price registered a marginal rise on Saturday before reaching an intraday high of $125,750 on Sunday. BTC ultimately ended the weekend at $123,520, up 0.87%. Buyers retained control on Monday as the price rose 0.97% and settled at $124,720, but not before reaching an intraday high of $126.296. BTC lost momentum on Tuesday, falling almost 3% to $121,393. The price recovered on Wednesday, rising nearly 2% and settling at $123,343.
Source: TradingView
Selling pressure returned on Thursday as BTC fell 1.32% to a low of $119,713 before settling at $121,714. BTC and the crypto market crashed on Friday after President Trump announced 100% tariffs on Chinese goods and new export controls for software. The announcement was in retaliation for China’s imposing restrictions on rare earth mineral exports. As a result, BTC plunged to $102,000 on Binance before recovering and settling at $112,980. Selling pressure persisted on Saturday as the price fell almost 2% to $110,768. Despite the overwhelming selling pressure, markets recovered on Sunday. As a result, BTC rose nearly 4% to reclaim $115,000 and settle at $115,067. The price faced selling pressure and volatility on Monday, ultimately registering a marginal increase and settling at $115,274. Selling pressure has returned during the ongoing session, with BTC down nearly 4%, trading around $111,529 after dropping to a low of $110,127.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is back in bearish territory despite making a strong recovery after Friday’s market crash. The altcoin dropped over 2% on Saturday but recovered on Sunday, rising nearly 11% to reclaim $4,000 and settle at $4,158. Buyers retained control on Monday as the price rose over 2% and settled at $4,244 despite facing selling pressure. ETH is down over 6% during the ongoing session, trading around $3,987, as it struggles to stay above $4,000.
ETH is down nearly 5% on the daily chart and over 15% on a weekly timeframe, indicating substantial selling pressure. The altcoin’s latest decline came after it attempted to cross $4,300. However, selling pressure led to buyers losing momentum and a steep correction. The RSI is pointing downwards, indicating waning momentum, while the MACD shows that sellers are in control.
ETH’s price action has also impacted investor activity. Spot Ethereum ETFs registered net outflows of $428 million on October 13, making it the third consecutive day of outflows. BlackRock’s ETHA accounted for $310 million of the total outflows. However, some investors have taken advantage of the dip. BitMine Immersion purchased 202,037 ETH worth $839 million, and reported that its total crypto and cash holdings reached $12.9 billion on Monday. BitMine also holds 192 BTC worth $122 million, and a $135 million stake in WLD treasury company Eightco. It also has $104 million in unencumbered cash. BitMine Chairman Tom Lee stated,
“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of. Volatility creates deleveraging, and this can cause assets to trade at substantial discounts to fundamentals, or as we say, ‘substantial discount to the future,’ and this creates advantages for investors, at the expense of traders.”
ETH started the previous weekend in positive territory, registering a marginal increase on Friday. However, it fell 0.55% on Saturday and settled at $4,487. Positive sentiment returned on Sunday as the price rose 0.62% to reclaim $4,500 and settle at $4,515. Buyers retained control on Monday as ETH rose almost 4% to cross $4,600 and settle at $4,685. Despite the positive sentiment, the price fell by over 5% on Tuesday, settling at $4,451. ETH recovered on Wednesday, rising 1.68%, but was back in the red on Thursday, dropping 3.47% and settling at $4,369.
Source: TradingView
ETH plunged to an intraday low of $3,444 on Friday after President Trump announced 100% tariffs on Chinese imports and export controls on key software. It recovered from this level to settle at $3,836, ultimately dropping over 12%. Selling pressure persisted on Saturday as the fell 2.21% to $3,752. ETH recovered on Sunday, rising nearly 11% to reclaim $4,000 and settle at $4,158. Buyers retained control on Monday as the price rose over 2% and settled at $4,224. Selling pressure has returned during the ongoing session, with ETH down nearly 7%, trading around $3,966.
Solana (SOL) Price Analysis
Solana (SOL) reclaimed $200 on Monday, rising nearly 6% and settling at $208. However, it could not stay at this level and lost momentum during the ongoing session., As a result, the price is down over 7% during the ongoing session, trading around $193. SOL is down nearly 16% on the weekly timeframe, as it struggles to regain momentum.
SOL’s recovery over the past two sessions was fueled by a resurgence in whale activity and strong institutional inflows. On-chain platforms like Hyperliquid and Arkham show wallet addresses opening new long positions and heavy buying activity between $180 and $200. Price action has also been supported by CME Group’s recent launch of CFTC-regulated options trading for Solana, which has helped boost liquidity and investor confidence. CME has reported over 540,000 SOL contracts traded since March, representing a notional value of more than $22 billion.
SOL’s price action depends on whether the altcoin can reclaim $200. If it reclaims $200, the price could rise towards $240. On the other hand, if selling pressure persists, SOL could drop below $190.
SOL started the previous weekend in the red, dropping nearly 1% on Friday and over 2% on Saturday to settle at $227. The price recovered on Sunday, reaching an intraday high of $237 before settling at $238. Buyers retained control on Monday, rising almost 2% and settling at $232. Despite the positive sentiment, SOL returned to bearish territory on Tuesday, dropping over 5% to $220. Despite the overwhelming selling pressure, the price recovered on Wednesday, rising over 4% to $229.
Source: TradingView
Selling pressure returned on Thursday as SOL fell 3.52% to $221. Selling pressure intensified on Friday as markets tanked. As a result, SOL plunged to an intraday low of $170 before settling at $188, ultimately dropping over 14%. Sellers retained control on Saturday as the price fell almost 6% to $177. SOL made a strong recovery on Sunday, rising nearly 11% and settling at $197. The price continued pushing higher on Monday, rising almost 6% to reclaim $200 and settle at $208. However, the SOL is back in the red during the ongoing session, down over 7%, trading around $193.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) started the previous week in positive territory, rising nearly 6% on Monday and settling at $0.456. Selling pressure returned on Tuesday as the price fell almost 8% and settled at $0.421. ARB recovered on Wednesday, rising over 3%, but returned to bearish territory on Thursday, dropping nearly 4% and settling at $0.418. Selling pressure intensified on Friday as markets tanked. As a result, ARB fell to a low of $0.106 before settling at $0.301, dropping nearly 28%.
Source: TradingView
Price action was mixed over the weekend as ARB registered a marginal drop on Saturday before rising almost 11% on Sunday and settling at $0.334. Buyers retained control on Monday as the price rose over 7% and settled at $0.358. Selling pressure has returned during the ongoing session, with ARB down over 9%, trading around $0.326.
Filecoin (FIL) Price Analysis
Filecoin (FIL) ended the previous weekend in positive territory, registering a marginal increase on Sunday and settling at $2.33. Price action remained positive on Monday as FIL rose over 3% and settled at $2.40. Despite the positive sentiment, the price was back in the red on Tuesday, falling by over 5% and settling at $2.28. FIL recovered on Wednesday, rising 3.77% to $2.36, but was back in bearish territory on Thursday, dropping almost 3% and settling at $2.30.
Source: TradingView
Selling pressure intensified on Friday as markets crashed. As a result, FIL plunged over 20%, falling to a low of $1.74 before settling at $1.81. Selling pressure persisted on Saturday as the price fell nearly 14% and settled at $1.56. Despite the overwhelming selling pressure. FIL recovered on Sunday, rising over 6% to end the weekend at $1.66. Positive sentiment persisted on Monday as the price rose over 4% and settled at $1.73. FIL is back in the red during the ongoing session, down over 8%, trading around $1.58.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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