Leading cryptocurrencies tumbled alongside stocks on Thursday, as the U.S.-China trade truce failed to cheer investors.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.47% | $109,886.40 |
| Ethereum (CRYPTO: ETH) | -1.51% | $3,854.81 |
| XRP (CRYPTO: XRP) | -3.40% | $2.47 |
| Solana (CRYPTO: SOL) | -3.88% | $186.51 |
| Dogecoin (CRYPTO: DOGE) | -3.70% | $0.1853 |
Bitcoin, Ethereum Extend Losses
Bitcoin's descent continued as the apex cryptocurrency sank to an intraday low of $106,376.69. Trading volume jumped 16%, indicating high downside pressure.
Ethereum dipped below $3,700 late evening, but recovered some losses overnight. XRP and Solana fell over 3% in the last 24 hours.
Bitcoin's market dominance nearly hit 60%, while Ethereum's share dropped to 12.6%.
Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass, with $950 million in long positions evaporated.
That said, nearly $580 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rebounds to $117,000.
Bitcoin's open interest fell 2.42% in the last 24 hours, although the percentage of Binance traders with long positions increased to 71%.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| MemeCore (M ) | +8.00% | $2.53 |
| PAX Gold (PAXG) | +1.92% | $4,030.81 |
| Tether Gold (XAUT ) | +1.89% | $4,027.93 |
The global cryptocurrency market capitalization stood at $3.67 trillion, contracting 1.87% in the last 24 hours.
Stock Market Sets Aside US-China Trade Truce
Stocks extended their losses on Thursday. The Dow Jones Industrial Average slid 109.88 points, or 0.23%, to close at 47,522.12. The S&P 500 lost 0.99%, settling at 6,822.34. The tech-focused Nasdaq Composite dipped 1.57% to close the session at 23,581.14.
Investors found little substance in the U.S.-China trade truce following President Donald Trump’s "amazing" meeting with Chinese leader Xi Jinping.
Trump agreed to slash fentanyl-related tariffs by 10%, bringing down the overall tariffs on Chinese imports from 57% to 47%. China, in return, paused its export controls on rare earths and promised to buy more U.S. agricultural goods like soybeans and sorghum.
Hawkish remarks from Federal Reserve Chair Jerome Powell the day before tempered hopes of a year-end rate cut, sending markets lower.
Is ETH On Course For $10,000?
Chris Kline, COO & Co-Founder at BitcoinIRA, weighed in on the market's underperformance in October in a note to Benzinga.
"The traditional ';Uptober' post-halving cycle doesn’t exist in a vacuum. This year, we’re also operating in an ecosystem of all-time highs for crypto, gold, and stocks, alongside government shutdowns over contentious budget decisions and ongoing trade battles," Kline said.
The analyst added that while cycles aren't "perfect," Bitcoin's controlled supply dynamics is keeping it "stable."
Widely followed cryptocurrency analyst and trader Ali Martinez said Ethereum could hit the $10,000 target, but not before a sharp retracement.
"We may first get a price correction to $2,000," Martinez predicted. "From there, ETH can break past $5,000 and then reach the $10,000 target."
Read Next:
- JPMorgan CEO Jamie Dimon Once Called Bitcoin A ‘Pet Rock’ -- Now He Says Crypto, Stablecoins Are ‘Real, We’ll All Use Them’
Photo Courtesy: Frame Stock Footage on Shutterstock.com
