Bitcoin Extends Losses Below $109K as Global Equities Slide on Cautious Sentiment
Bitcoin extended its decline on Friday, slipping below $109,000 as a fresh wave of risk aversion gripped global markets. The drop came as global markets turned defensive, with equities slipping, bonds gaining and gold reaching a fresh record.
It last traded 2.4% lower on the day around $108,503, and is down over 10% in the last week.
Asian stocks mirrored Wall Street’s overnight losses, with investors retreating from risk assets after signs of credit strain resurfaced among US regional banks.
Sentiment in equities also took a hit from rising trade tensions between the US and China. Beijing on Thursday accused Washington of stoking panic over its rare earth export controls and rejected a White House call to roll back the curbs, rattling already fragile market confidence.
Bitcoin, which recently hit a record high of $126k on Oct. 6, has struggled to find a footing since last week’s sharp selloff. That downturn was triggered by a wave of liquidations exceeding $19b, compounded by jitters over US–China trade friction. The selloff swept across major tokens, leaving investors wary of further downside.
Ether dropped 2.2% to $3,931, while XRP slipped 2.7% to $2.36. Market watchers said momentum in altcoins remained weak as traders reduced exposure ahead of potential regulatory and macroeconomic headwinds.
Ryan Lee, chief analyst at Bitget, said XRP is facing near-term pressure due to whale transfers and exchange inflows. “Key support is forming between $2.10 and $2.30,” he said. “A breakout toward $3.00–$3.25 remains possible if ETF approvals materialize by late October, which would likely trigger renewed institutional inflows.”
He added that Ripple’s recent $1b acquisition of GTreasury enhances XRP’s position in corporate finance, expanding its utility for settlements beyond speculative trading.
In contrast, Solana is showing stronger momentum, Lee said, targeting a range between $210 and $250. Growth in DeFi activity and optimism around potential ETF approvals continue to support its performance.
“Both assets are benefiting from a broader capital rotation into utility-driven tokens,” he said, noting that investors are focusing more on blockchain projects with real-world applications.
Meanwhile, concerns in traditional markets have added to the cautious tone. The collapses of First Brands Group and Tricolor Holdings revived fears of hidden credit losses, while accounting write-downs tied to fraud at Zions Bancorp and Western Alliance wiped out more than $100b in US banking market value in a single day.
