Crypto Market Faces Downturn as Bitcoin and Ethereum Decline
- Bitcoin is down by 4% in October, deviating from its historical average return of nearly 19.84% for the month.
- Ethereum has decreased by approximately 5%, while Solana and other major altcoins have seen double-digit declines.
- The crypto market experienced a selloff due to macroeconomic pressures and the U.S.-China trade war, despite initial enthusiasm at the start of October.
- Equities have recovered from their October drawdown, with the S&P trading near record highs, leaving crypto behind.
- Analysts suggest that on-chain data indicates a continued correction phase for Bitcoin and other cryptocurrencies.
Despite hopes for a seasonally bullish “Uptober,” Bitcoin and Ethereum remain in decline due to macroeconomic uncertainties and failed rallies. The market’s cautious sentiment reflects a struggle between institutional optimism and global liquidity concerns.
Currently, Bitcoin is nearly $108,400, significantly below its peak earlier this month, highlighting ongoing volatility in the crypto market. ( Source )
