Bitcoin struggled to regain momentum as traders stayed cautious, gold hit record highs, and US-China trade tensions fueled a broader market sell-off.
Bitcoin has fallen below $116,000, but select analysts remain unfazed as they anticipate solid buying to emerge at lower levels.
Morgan Stanley’s wealth management division will initially cap crypto allocations and begin with Bitcoin funds from BlackRock and Fidelity, potentially adding choices later.
An $11 billion Bitcoin whale returned to crypto markets this week, likely seeking trading opportunities tied to October’s historic crypto rallies and uncertainty in the US.
US spot Bitcoin ETFs logged $2.71 billion in weekly inflows, even as Trump’s China tariff comments triggered a brief market outflow.
The last time the Crypto Fear & Greed Index dropped to this level of fear, Bitcoin’s price was trading around $80,000.
An economist said Bitcoin declining more than 5% in October is “exceedingly rare,” and historically, the asset has usually rebounded within the following week.
Swan Bitcoin CEO Cory Klippsten said Bitcoin’s price plunge on Friday was «classic macro whiplash,» and Bitcoiners should expect turbulence in the short term.
Bitcoin plunged to $102,000 in the Binance perpetual futures pair after Trump announced sweeping tariffs on China on Friday, reigniting fears of a broader trade and market sell-off.
Financial institutions are quickly embracing the debasement trade as the US dollar weakens, which will drive massive gains in Bitcoin and gold, say commentators.