On the surface, it was supposed to be a positive week. However, the reality is quite different and painful as BTC just plummeted to a six-month low and there’s no bottom in sight, at least for now.
But let’s rewind to the end of the previous week, when BTC had just dipped below the crucial $100,000 line but had managed to defend it. In fact, it recovered to around $102,000 during the weekend and jumped to $104,000 on Sunday afternoon and $107,000 on Monday after US President Trump promised $2,000 tariff checks to non-high-income Americans and hinted that the longest government shutdown would come to an end soon.
That relief rally was short-lived, and BTC quickly dropped by several grand. Its next bounce came on Thursday morning when the government reopening became official after the POTUS signed the necessary papers. BTC peaked at $104,000, but that resistance turned out to be too strong once again.
The subsequent rejection was a lot more violent than the previous ones. Not only did bitcoin dump below $100,000, but it kept plunging on Friday to its lowest levels since May at $94,500 (as of now). This meant that the asset has lost more than $12,000 since the Monday peak of $107,000.
The overall mood is bearish, with analysts declaring the end of the bull market and the subsequent beginning of a more profound bear cycle. The weekly losses for BTC stand at almost 5%, for ETH are more than 4%, while SOL is down by over 10%. Interestingly, LTC, XMR, WLFI, and UNI are well in the green, and so is XRP from the larger caps.
Market Data
Market Cap: $3.3T | 24H Vol: $280B | BTC Dominance: 57.4%
BTC: $94,700 (-4.8%) | ETH: $3,074 (-4.2%) | XRP: $2.26 (+4.4%)
This Week’s Crypto Headlines You Can’t Miss
Bitcoin’s (BTC) Famous 4-Year Cycle May Finally Be Crumbling. Amid the ongoing calamity and the different state of the bull market that started last year, crypto analysts are adamant that the typical 4-year cycle is over and there’s a new, more sophisticated and mature phase for BTC.
Canary’s XRP ETF (XRPC) Launch Successful: Here’s What Happened on Day 1. After numerous delays and uncertainty, the first spot XRP ETF with 100% exposure to Ripple’s asset finally went live for trading on Thursday after the last hurdle was bypassed by the Nasdaq’s official listing notice on Wednesday. Canary’s XRPC broke the previous SOL record for the launch day.
Bitcoin Whales and Miners Are Moving Massive Sums: What Does This Mean for BTC’s Price? One of the first warning signs this week came after reports emerged that BTC whales and miners had moved large portions of the asset to exchanges, with the likely intention to sell. Such transfers are typically followed by market crashes.
BTC ‘Miner Heartbeat’ Metric Shows Bitcoin Network Still Strong. With prices falling, investors capitulating, and sentiment souring, on-chain data indicate that Bitcoin’s network fundamentals remain as strong as they were during the summer rally, as evidenced by the “Hash Rate Momentum Score.”
IRS Introduces Safe Harbor Allowing Tax-Free Staking for Crypto ETPs. The US Treasury and IRS outlined a new safe harbor that will allow crypto ETFs to stake digital assets without paying extra tax.
UNI Token Soars 35% Following Fee Switch Proposal. UNI’s market-wide correction defiance and double-digit weekly surge were primarily prompted by the announcement from Uniswap’s founder, Hayden Adams, stating that the exchange will introduce a sweeping governance proposal, which introduced a long-anticipated fee switch that would redirect a portion of trading fees toward burning UNI tokens.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
The post Bitcoin Loses $100K Level, XRP ETF Goes Live, U.S. Government Reopens: Your Weekly Crypto Recap appeared first on CryptoPotato.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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