Bitcoin has taken a dramatic bow, descending to $104,494-a price last seen in the distant past of nearly three months ago. Its market cap now languishes below $2.1 trillion, a 13% tumble since Oct. 10. One must wonder: is this the encore investors were *not* hoping for?
Bitcoin Leads the Downtrend
Bitcoin continued its melancholic waltz on Oct. 17, plunging 5% to $104,494. This descent, one might say, is a masterclass in defying the “Uptober” optimism that once made investors giddy. The market cap now slumbers below $2.1 trillion-a 13% drop since Oct. 10. How *quaint*.
The bearish mood spread like gossip at a royal funeral. According to Coingecko, ETH dipped 6.5% to $3,727, its market cap now a modest $450 billion. ETH’s weekly losses? A staggering 14%. One might say it’s having a very British crisis of confidence. 🇬🇧
BNB, once the market’s defiant rebel, now sobs into its 12% 24-hour drop to $1,041. Poor thing-joined by ADA, LINK, and BCH in a chorus of double-digit losses. A party, but not the kind you’d invite your grandmother to. 🎉
XRP, still nursing its Oct. 10 flash-crash trauma, sank another 7.5% to $2.21. At this rate, it’ll need a therapist and a raise. Analysts whisper of further declines-perhaps a full-blown identity crisis. 🧠💸
The altcoin sector, ever the drama queen, clung to its bearish momentum. Total crypto market cap now languishes at $3.64 trillion-a 6% drop in 24 hours. One must commend the artistry of this collapse. 🎭
Meanwhile, global markets mirrored this chaos, driven by U.S. regional bank woes and U.S.-China trade tensions. Investors fled to gold, which, in a rare moment of dignity, refused to comment. 🦄
This carnage triggered $1.2 billion in liquidations-$943 million from long positions. One wonders if the traders involved now live in a metaphorical cave. 🏔️
FAQ 💡
- What caused this grand performance of market mayhem? U.S. regional bank fragility and U.S.-China trade tensions, of course. A duet of doom, if you will. 🎭💼
- How far did Bitcoin fall? Bitcoin descended to $104,494-a 5% drop and a 13% plunge since Oct. 10. A price so low, it’s practically a discount. 🛍️
- Which altcoins were the hardest hit? BNB (12% down), ADA, LINK, BCH, and XRP all joined the weekly loss parade. A very British collapse. 🇬🇧
- Impact on leveraged traders? $1.2 billion in liquidations-because who *needs* sleep when you’re gambling with other people’s money? 💤
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2025-10-17 12:58