- Bitcoin lost almost 5% in October, ending October’s long-held role as a month of growth.
- Massive liquidations have wiped out billions, and investors are worried about customs rampage across the Atlantic, high volatility and uncertain stock market prices.
Bitcoin broke its long-standing October growth tradition and posted a nearly 5% decline, its first loss in an October since 2018. Bitcoin remains under pressure from heavy liquidations and renewed uncertainty in financial markets.
The setback followed a record sell-off earlier this month as digital assets fell sharply due to global market instability. U.S. President Donald Trump announced a 100 percent tariff on Chinese imports and warned of possible software export restrictions, making investors nervous and prompting them to trade cautiously amid uncertain conditions.
During the October 10-11 window, Bitcoin fell from a record high of over $126,000 to as low as $104,782.88. Adam McCarthy, senior research analyst at Kaiko, noted:
“The drop on October 10th really reminded people that this asset class is very narrow. There’s only Bitcoin and Ether, and even those can see a 10% drop in 15, 20 minutes.”
Investors concerned about Bitcoin selling pressure
The sudden plunge led to the largest crypto liquidation event ever, wiping out billions of dollars from leveraged positions on various exchanges. Analysts noted that months of steady gains made investors nervous, causing them to sell in panic and triggering margin calls within hours.
Jake Ostrovskis, Head of Over-the-Counter at Wintermute, explained:
“Participants remain hesitant as they process the largest liquidation event ever. This caution continues as speculation remains about certain vulnerabilities that may still exist in the system.”
JPMorgan Chase CEO Jamie Dimon warned earlier this month of a possible stock market correction within the next six months to two years, further dampening risk appetite. Investors retreated into cash and defensive assets, putting Bitcoin under rapid selling pressure.
Bitcoin price falls to $107,500
At the time of writing, Bitcoin is trading at around $107,500, down 2.61% in the last 24 hours. The market value is about $2.14 trillion, turnover increased to $42.41 billion, and of the 21 million BTC, 19.94 million are in circulation, suggesting active investors.
Despite the setback, Bitcoin is up over 16% this year. Major companies such as BlackRock, Fidelity and Grayscale continue to invest in crypto ETFs, increasing institutional exposure. Bitcoin has around 53% market share of the global crypto market – so its dominance is by no means in question. Analyst BigBullMike7335 (@Michael_EWpro) predicted:
“BTC will be between $135,000 and $140,000 on December 25. The 200,000+ dreamers will find out.”
His prediction follows patterns observed after Bitcoin’s previous halving events.
Many traders expect the halving to be followed by a rally through 2025. Although recent losses have shaken short-term confidence, most analysts expect long-term growth to continue as major markets continue to grow strongly and steadily.
No Comments