Simply put
- Bitcoin fell on Thursday, as did Ethereum, Solana, and other major coins and tokens.
- The selloff came as traders digested news that the U.S. Federal Reserve may not cut interest rates again this year and that President Trump’s meeting with Chinese leader Xi Jinping may not have been very fruitful.
- Bitcoin hit an all-time high in early October, but is currently 15% below that record.
of bitcoin price Major coins and tokens fell on Thursday after US President Donald Trump concluded his long-awaited meeting with Chinese leader Xi Jinping.
Bitcoin According to CoinGecko, the stock price is below $108,000 and was trading 4% lower in the last 24 hours.
The leading digital coin set a new record of $126,080 at the beginning of the month. “Uptober” Observers credit the historically large gains in the crypto and stock markets, which are now nearly 15% below that level.
meanwhile, EthereumThe second-largest digital coin fell 5% in 24 hours. The property’s most recent price was just over $3,782.
Other top coins by market capitalization —Solana, XRPand dogecoin— all down 6%, with altcoins taking an even harder hit than Bitcoin.
The number of settlements in the virtual currency futures market in the past day also increased significantly. Over $1.1 billionmostly positions betting that the future prices of Bitcoin and Ethereum will rise. Nearly $500 million in liquidations occurred in Bitcoin alone, with Ethereum adding more than $250 million to that pile.
The decline came after Wednesday’s Federal Reserve Chairman Jerome Powell hinted The US central bank may not cut interest rates again this year. Bitcoin, cryptocurrencies and stocks typically perform well in a low interest rate environment, and the Fed has cut interest rates in its last two meetings.
“Markets were hoping for a green light to risk-on. Instead, Powell said further rate cuts were not a ‘foregone conclusion’ and that the Xi-Trump meeting did not produce any concrete results or certainty,” said Strahinja Savic, head of data and analysis at FRNT Financial, a financial services and advisory firm specializing in cryptocurrencies. decryption.
“The market is reacting to a variety of these short-term signals,” he continued. “Short-term investors are likely adjusting their positions after they didn’t get the green light they were hoping for.”
Greg Magadini, director of derivatives at Amberdata, echoed Sabic’s comments. “I think the world is positioned for a long time to come.” [Trump’s talk with Xi] “It’s a Fed meeting,” he said. “Now it’s like, ‘What’s the next reason for the market to go up?’ So to me it makes sense to go down.”
President Trump’s trade war with China and other countries confused market Since taking office in January. Despite being a crypto-friendly leader, his unexpected tariff announcements often caused the prices of “risk-on” assets such as Bitcoin and tech stocks to fall sharply.
But markets appear unimpressed, despite the easing of tariffs on China following talks with China’s Xi in South Korea. President Trump praised the meeting as “really great” and “wonderful” and agreed to reduce tariffs on the US by 10%, but US stock indexes were falling on Thursday morning New York time.
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