- Bitcoin price has dropped below $106,000 as bearish pressure sends cryptocurrencies plummeting.
- Ethereum, Solana, XRP and BNB have tanked below key levels.
- Macro headwinds impacting equities also led to a decline in crypto prices today.
As global markets heave amid selloff pressure, major assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are trading near pivotal support levels.
A similar outlook prevails across the rest of the crypto market, with a few coins experiencing double-digit losses over the past 24 hours.
Why is the crypto market down today?
The cryptocurrency market’s downturn on October 17 stems primarily from escalating US-China trade frictions.
In the past few days, events around the two trading partners have injected significant uncertainty into global risk assets.
President Donald Trump’s renewed threats of 100% tariffs on Chinese technology exports reverberated through financial corridors.
It prompted a broad sell-off that began on October 10 and persists today.
This policy escalation, aimed at curbing China’s dominance in rare earth minerals and semiconductors, has amplified fears of retaliatory measures, inflationary pressures, and supply chain disruption.
Together, these factors have disproportionately impacted high-volatility sectors like crypto.
Adding to the macro headwinds, on top of the market witnessing over $19 billion in liquidations across leveraged positions last Friday, is the continued profit taking.
Low liquidity during Asian trading hours today has exacerbated the rot.
Institutional sentiment souring as US spot Bitcoin and Ethereum ETFs record significant net outflows adds to the weakness.
Analysts note that while the Federal Reserve’s anticipated rate cut at the October 28-29 FOMC meeting could provide a counterbalance, short-term volatility remains elevated due to the absence of positive catalysts.
Crypto ETF hype around major altcoins has also cooled.
Overall, the total crypto market capitalisation has contracted by 4.6% to $3.58 trillion.
Nearly all of the top 100 coins are in the red as risk-off sentiment spills over from equities.
Meanwhile, Coinglass data shows that over $1.01 billion has been wiped off the market in terms of 24-hour liquidations.
Bitcoin struggles below $106k
Bitcoin, the bellwether of the crypto ecosystem, has mounted a fierce but futile defence against gravity.
After a brief rebound to above $115k, BTC has dropped to under $106,000.
Bears reached lows of $105,918 in early trades on Friday, and despite bulls’ efforts, the benchmark digital asset is trading at $105,906 at the time of writing.
Bitcoin is thus firmly below the psychological mark of $110,000.
The US-China rhetoric and other factors risk pushing BTC lower. Immediate support is likely in the $103,000-$100,000 zone.
Ethereum, XRP, and SOL dip below key levels
As Bitcoin struggles below $110k, Ethereum has fared no better.
The top altcoin has plummeted 3.5% to $3,780 in the past 24 hours.
That means the Ethereum price is well below the $4,000 support level.
This dip has cascaded across the broader altcoin market.
Weakness in ETH also reflects in Solana, XRP and BNB among other altcoins.
XRP’s price hovers below the critical $3.00 mark as sellers push bulls to lows of $2.24.
Meanwhile, Solana has cratered to below $200 to trade around $178 as bears target further strengthening.
As the market grapples with the downturn, BNB has retreated to near $1,000, and Dogecoin has slipped 9% to $0.17.
