Bitcoin (BTC) Price News: Slips Below $108K, ETH, XRP, SOL, DOGE Plunge Over 5%
Bitcoin dropped below $108K, leading a market-wide crypto plunge, as the Fed's hawkish stance overshadowed positive U.S.-China trade news.Summary
Cryptocurrencies and related stocks fell sharply on Thursday, driven by Federal Reserve Chairman Jerome Powell's comments suggesting further rate cuts were not guaranteed, which countered positive developments in U.S.-China trade relations.
Bitcoin fell below $108,000, marking a 4.4% loss in 24 hours and putting October on track to be its worst return since 2014, shattering expectations for a bullish "Uptober." Major altcoins like Ethereum, XRP, Solana, and Dogecoin also dropped between 5% and 7%.
Crypto-related stocks mirrored the decline, with Coinbase down nearly 3% ahead of earnings, and MicroStrategy (MSTR) falling significantly. The frenzy around Digital Asset Treasuries (DATs) also continued to unravel, with MSTR trading at a lower premium to its net asset value, despite new entrants like SEGG Media announcing digital asset strategies.
(Source：CoinDesk)