The cryptocurrency market has swung back into positive territory, with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and other tokens trading in positive territory. BTC dipped to an intraday low of $106,793 early in the session. However, it rebounded from this level to briefly reclaim $110,000 before moving to its current level. The flagship cryptocurrency is up over 1% during the ongoing session, trading around $109,774.
Meanwhile, Ethereum (ETH) is up 1%, trading around $3,900 as it looks to reclaim the $4,000 mark. The altcoin fell to an intraday low of $3,725 before recovering to reclaim $3,800 and move to its current level. Ripple (XRP) is up 0.50%, while Solana (SOL) is up almost 2%, trading around $187. Dogecoin (DOGE) is up nearly 2%, while Cardano (ADA) is up 1%, trading around $0.640. Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered notable increases over the past 24 hours.
Bitcoin Miner Debt Surges 500%
Bitcoin miner debt has reached staggering proportions, rising from $2.1 billion to $12.7 billion as they compete to meet demands for artificial intelligence (AI) and Bitcoin (BTC). Miners must continuously invest and upgrade their hardware infrastructure. Without investment in the latest hardware, a miner’s share in the global hashrate declines, leading to a lower share of the daily BTC quota. VanEck analysts Nathan Frankovitz and Matthew Sigel stated in their October Bitcoin ChainCheck report,
“We refer to this dynamic as the melting ice cube problem. Historically, miners relied on equity markets, not debt, to fund these steep Capex costs.”
Bitcoin miners have started diversifying their income streams by moving their energy capacity towards AI and HPC hosting services following the April 2024 halving. The latest halving cut miner rewards to 3.125 BTC, substantially impacting profitability.
Senators Move To Revamp Bank Secrecy Act’s Reporting Thresholds
US Senators led by Senate Banking Committee Chair Tim Scott have introduced legislation to modernize the Bank Secrecy Act. The Bank Secrecy Act is the foundation of the US anti-money laundering framework. The act was passed in 1970 and mandates banks, credit unions, and other financial institutions to help federal authorities detect and prevent fraud and financial crimes, including money laundering and other illicit activities. The proposed legislation, called the STREAMLINE Act, raises the Bank Secrecy Act’s reporting threshold for the first time since its creation.
The new bill increases the Currency Transaction Report (CTR) threshold from $10,000 to $30,000. It also increases the Suspicious Activity Report (SAR) thresholds from $2,000 to $3,000 and $5,000 to $10,000. It also requires the treasury department to adjust these figures every five years to account for inflation.
Standard Chartered Hong Kong To Roll Out ETF Trading In November
Standard Chartered Hong Kong plans to launch its virtual asset ETF trading service in November, marking a significant milestone in its digital finance strategy. The plans were announced by Ho Man-chun, the bank’s Head of Wealth Solutions, adding that the new offering was in response to increasing demand for exposure to digital assets. The move is in response to the “Hong Kong High-End Customer Digital Assets Study 2025” conducted under the HKMA’s ‘Digital Hong Kong Dollar+’ initiative. The study revealed that over 75% of high-net-worth clients were interested in digital assets, with 80% planning to invest in them next year.
The study involved over 500 clients with HK$1 million or more in liquid assets. It also revealed that wealthy clients were more comfortable diversifying through digital assets. The survey also discovered that 30% of the respondents already own crypto assets.
The announcement comes shortly after Hong Kong approved its first Solana ETF, the third ETF approved by the city after Bitcoin and Ethereum ETFs. According to local media reports, the Hong Kong Securities and Futures Commission approved the China Asset Management (Hong Kong) Solana ETF. The ETF will be listed on the Hong Kong Stock Exchange.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has made a strong recovery during the ongoing session as markets rebound. The flagship cryptocurrency surged to an intraday high of $114,082 on Tuesday. However, market momentum was derailed after President Trump threatened to cancel an upcoming meeting with Chinese President Xi Jinping. As a result, the price fell 1.99% and settled at $108,362. Selling pressure persisted on Wednesday as BTC fell 0.72% to a low of $106,639 before settling at $107,585. However, the price has recovered during the ongoing session, up nearly 2% at $109,633.
Market sentiment soured on Wednesday as investor caution returned. As a result, spot Bitcoin ETFs registered net outflows of $101 million on October 22, partially reversing the $477 million in net inflows seen a day prior. The total trading volume across Bitcoin ETFs also fell, dropping from $7.4 billion a day to $6.58 billion. BlackRock’s IBIT registered $73.6 million in inflows. However, Fidelity’s FBTC and Grayscale’s GBTC registered a combined $56 million in redemptions. Ark 21Shares (ARKB) and Bitwise (BITB) also registered noticeable outflows. The renewed outflows extend the underperformance of BTC-tracking funds in recent weeks as they struggle to gain momentum.
Bitcoin ETFs made a sharp recovery on October 21, but quickly lost momentum, indicating that demand remains weak at current price levels.
BTC’s attempts to push higher failed on Tuesday as momentum stalled. Analysts have warned that BTC could retest $100,000 if selling pressure returns. A resurgent US Dollar added to BTC’s woes. Meanwhile, gold continued its meltdown after reaching record highs, and could lose the $4,000 support. One crypto trader stated on X,
“Again, the only reason we pumped was due to gold dumping. I don’t think this move has any validity & Binance is hard selling everything.”
Data from CoinGlass shows a liquidity bid below $107,000, with the price attacking new asks overhead. Popular trader Daan Crypto Trades posted on X, stating,
“BTC failed the breakout above the high volume node and is back at this ~$107K support. This is a key area before retesting the Friday lows and wick not much lower than that. The CME gap was closed and has a decent bounce in the short term, but price action is all over the place. It truly is, “It’s over, we’re back szn” aka, VERY choppy, illiquid and volatile price action.”
BTC and other risk assets remain under pressure ahead of the Consumer Price Index (CPI) numbers, the first macroeconomic print since the government shutdown began. The CPI data, due on Friday, is the Federal Reserve’s only point of reference for future interest rate adjustments, as all other data will be frozen until the shutdown ends.
“All other releases will remain frozen until the shutdown ends. That makes CPI the singular anchor for next week’s policy rhetoric and market reaction. A softer print near 0.2% would re-anchor the soft-landing trade and reinforce BTC’s upside skew as liquidity expectations improve.”
BTC and the crypto market crashed last Friday (October 10), after President Trump announced 100% tariffs on Chinese goods and new export controls for software. The announcement was made in retaliation for China’s imposing restrictions on rare earth mineral exports. As a result, BTC plunged to $102,000 on Binance before recovering and settling at $112,980. Selling pressure persisted on Saturday as the price fell almost 2% to $110,768. Despite the overwhelming selling pressure, markets recovered on Sunday as BTC rose nearly 4% to reclaim $115,000 and settle at $115,067. The price faced selling pressure and volatility on Monday, ultimately registering a marginal increase and settling at $115,274. Selling pressure returned on Tuesday as BTC fell to an intraday low of $109,945. It recovered from this level to reclaim $113,000 and settle at $113,068, ultimately dropping 1.91%. Sellers retained control on Wednesday as the price fell 2% to $110,804. Bearish sentiment persisted on Thursday as BTC fell below $110,000 and settled at $108,198.
Source: TradingView
BTC plunged to $103,516 on Friday as selling pressure intensified. However, it recovered from this level to settle at $106,463, ultimately dropping 1.60%. BTC rose on Saturday, rising 0.70% to reclaim $107,000 and settle at $107,208. Buyers retained control on Sunday as the price rose over 1% to cross $108,000 and settle at $108,676. Bullish sentiment intensified on Monday as BTC’s recovery continued. As a result, the price rose nearly 2% to reclaim $110,000 and settle at $110,568.
BTC reached an intraday high of $114,082 on Tuesday. However, market sentiment soured and buyers lost momentum. As a result, the price fell 1.99% to $108,362. Sellers retained control on Wednesday as BTC fell 0.72% and settled at $107,585. The price has recovered during the ongoing session, and is up almost 2% at $109,623.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has rebounded during the ongoing session, with the price up over 2% at $3,883. The altcoin has faced substantial selling pressure since Tuesday, when it fell almost 3% from an intraday high of $4,111 and settled at $3,876. Selling pressure persisted on Wednesday as the price fell nearly 2% to a low of $3,711 before settling at $3,807. ETH is up almost 2% during the ongoing session, trading around $3,875.
Selling pressure on Tuesday and Wednesday also impacted Ethereum ETF inflows. ETH ETFs recorded $18.8 million in net outflows on October 22 after registering $141.7 million in net inflows the previous day. BlackRock’s ETHA was the only ETH ETF to register inflows on the day, adding $110 million. Grayscale’s ETHE and ETH funds led the outflows with a combined $80 million. The sharp pullback in ETH’s price also marked the ETFs’ return to losses after a short-lived rebound.
ETH started a recovery from the $3,700 level, crossing $3,800 to reach a short-term positive zone, even clearing the 23.6% Fib retracement level of the downward move. However, sellers were active above $3,800, preventing the price from pushing higher. ETH has recovered during the ongoing session, trading around $3,865. The altcoin faces resistance around $3,900, with the first major resistance between $3,950 and $4,000. A clear move above these levels could send the price towards $4,500. However, if selling pressure returns, ETH could start a fresh decline, dropping towards $3,700. If this level is breached, the price could drop towards $3,500
ETH plunged to an intraday low of $3,444 on Friday (October 10) after President Trump announced 100% tariffs on Chinese imports and export controls on key software. It recovered from this level to settle at $3,836, ultimately dropping over 12%. Selling pressure persisted on Saturday as the fell 2.21% to $3,752. ETH recovered on Sunday, rising nearly 11% to reclaim $4,000 and settle at $4,158. Buyers retained control on Monday as the price rose over 2% and settled at $4,224. ETH plunged to an intraday low of $3,895 on Tuesday as selling pressure intensified. However, it recovered from this level to reclaim $4,000 and settle at $4,129, ultimately dropping $4,129.
Source: TradingView
ETH lost momentum on Thursday despite starting the day in positive territory and dropped over 2% to $3,896. Selling pressure persisted on Friday as the price fell to an intraday low of $3,680 before settling at $3,834. Despite the overwhelming selling pressure, ETH recovered on Saturday, rising 1.52% to $3,892. Buyers retained control on Sunday as the price rose over 2% and settled at $3,985. Volatility returned on Monday as buyers lost momentum after crossing $4,000. ETH ultimately registered a marginal drop and settled at $3,981. ETH reached an intraday high of $4,111 on Tuesday. However, it lost momentum after reaching this level and dropped almost 3% to $3,876. Selling pressure persisted on Wednesday as the price fell to an intraday low of $3,711 before settling at $3,807. ETH has rebounded during the ongoing session, up 1.59% at $3,867.
Solana (SOL) Price Analysis
Solana (SOL) has bounced back during the ongoing session, buoyed by the news that Hong Kong has approved its first-ever Solana ETF. SOL reached an intraday high of $197 on Tuesday before losing momentum and settling at $185, ultimately dropping over 2%. Selling pressure persisted on Wednesday as the price fell by over 3% to $180. SOL has recovered during the ongoing session, up almost 4% at $187.
The Hong Kong Solana ETF approval has boosted investor sentiment. The approval is a landmark decision for the Asian crypto market. The ETF will list on October 27, offering investors regulated exposure to Solana without requiring direct ownership of the asset. The approval has prompted some analysts to predict SOL could soar to $400. The new ETF joins ChinaAMC’s suite of spot Bitcoin (BTC) and Ethereum (ETH) ETFs, and reinforces Hong Kong’s position as a crypto hub. One crypto analyst stated that Solana was in the “sweet zone,” and identified levels below $200 as the ideal position to enter.
SOL started the previous weekend deep in bearish territory as markets crashed. As a result, the price tanked to an intraday low of $170 before settling at $188, ultimately dropping over 14%. Sellers retained control on Saturday as the price fell almost 6% to $177. SOL made a strong recovery on Sunday, rising nearly 11% and settling at $197. The price continued pushing higher on Monday, rising almost 6% to reclaim $200 and settle at $208. Despite the positive sentiment, SOL lost momentum on Tuesday, falling to an intraday low of $191 before recovering to reclaim $200 and settling at $202. Selling pressure persisted on Wednesday as SOL fell over 4%, slipping below $200 and settling at $192. Price action remained bearish on Thursday as the altcoin fell nearly 5% to $184.
Source: TradingView
SOL plunged to an intraday low of $174 on Friday as selling pressure intensified. However, it rebounded from this level to reclaim $180 and settle at $182, ultimately dropping 1.51%. Despite the overwhelming selling pressure, SOL recovered over the weekend, rising over 3% on Saturday and registering a marginal increase on Sunday to settle at $188. Buyers retained control on Monday as the price rose 0.95% and settled at $189. SOL reached an intraday high of $197 on Tuesday. However, it lost momentum after reaching this level, dropping over 2% to $185. Selling pressure persisted on Wednesday as the price fell by over 3% and settled at $180. Despite the overwhelming selling pressure, SOL has recovered during the ongoing session, rising 5% to $189.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) ended the previous weekend in positive territory, rising over 11% and settling at $3.50. The price continued pushing higher on Monday, rising over 6% and settling at $3.72. Despite the positive sentiment, ICP lost momentum on Tuesday, dropping 4.57% to $3.55. The price continued dropping on Wednesday, falling over 5% and settling at $3.36. Sellers retained control on Thursday and Friday as ICP fell 6.55% and 4.46% to settle at $3.
Source: TradingView
ICP recovered over the weekend, rising 1.33% on Saturday and 1.32% on Sunday to settle at $3.08. Bullish sentiment intensified on Monday as the price rose nearly 4% and settled at $3.20. Despite the positive sentiment, ICP was back in the red on Tuesday, falling almost 5% to $3.05. Sellers retained control on Wednesday as the price fell 2.62% to $2.97. ICP is marginally up during the ongoing session, trading around $2.99.
Cosmos (ATOM) Price Analysis
Cosmos (ATOM) ended the previous weekend in positive territory, rising nearly 11% to settle at $3.48. Buyers retained control on Monday as the price rose 4.59% and settled at $3.64. However, selling pressure returned on Tuesday as ATOM fell nearly 5% to $3.47. Sellers retained control on Wednesday as the price dropped almost 4% to $3.33. ATOM continued declining on Thursday, falling 2.49% to $3.25. Selling pressure intensified on Friday as the price fell to a low of $3.01 before settling at $3.15.
Source: TradingView
ATOM recovered over the weekend, rising 1.10% on Saturday and 1.29% on Sunday to settle at $3.22. Positive sentiment persisted on Monday as the price rose 1.35% to $3.27. ATOM reached an intraday high of $3.37 on Tuesday. However, it lost momentum after reaching this level and fell 2.66% to $3.18. Sellers retained control on Wednesday as the price fell 2.23% to $3.11. ATOM has recovered during the ongoing session, up 1.54% at $3.16.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.