Bitcoin price today: falls below $108k after breaking 7-yr ‘uptober’ streak

Investing.com-- Bitcoin dipped on Monday, remaining on the back foot after logging its first October loss since 2018, as caution over a cooling economy and U.S.-China trade relations continued to weigh on risk appetite.

The world’s largest crypto was nursing steep losses through October, having largely lagged broader risk assets after a flash crash at the beginning of the month. Bitcoin fell 2.5% to $107,810 by 09:32 ET (14:32 GMT). 

Bitcoin ends 7-yr ‘uptober’ streak 

Bitcoin lost some 5% in October, its first loss during the historically bullish month since 2018. 

Bitcoin and crypto markets’ tendency to outperform in October had led to the creation of the term ‘uptober,’ although the trend failed to materialize this year.

Sentiment towards crypto markets was battered by a flash-crash in early-October, which had dragged Bitcoin as low as $104,000. 

The world’s largest crypto, along with its peers, had largely lagged other risk-driven markets in recovering from early-October losses. 

A recent U.S.-China trade deal did little to lift crypto prices, with hawkish signals from the Federal Reserve also providing pressure. 

Bitcoin’s Coinbase premium turns negative as crypto prices lag

The difference between Bitcoin prices on Coinbase Global Inc (NASDAQ:COIN) and the global market average turned negative in late-October, Coinglass data showed.

Bitcoin on Coinbase usually trades at a premium to the global average, at least in times of strong U.S. retail sentiment and crypto demand. Coinbase is a leading U.S. exchange and is one of the biggest marketplaces for investors to purchase crypto. 

But this premium turned negative in late October, indicating that U.S. retail and institutional sentiment towards crypto remained largely subdued. 

The negative coinbase premium also coincided with crypto exchange-traded fund flows turning negative in the United States. 

A negative Coinbase premium usually signals weak market demand and more selling pressure on the world’s largest crypto. Historically, a negative premium is only seen during extended periods of price weakness in crypto. 

Strategy adds $45 million in Bitcoin

Bitcoin treasury firm Strategy, formerly known as MicroStrategy, said that it purchased another 397 Bitcoins for about $45.6 million between Oct. 27 and Nov. 2, at an average price of roughly $114,771 per token, according to a filing with the U.S. Securities and Exchange Commission on Monday.

Following the latest purchase, the company now owns around 641,205 bitcoins valued at roughly $69 billion.

Co-founder and executive chairman Michael Saylor said the firm’s total acquisition cost stands at about $47.5 billion, reflecting an average purchase price of $74,057 per coin.

Crypto price today: altcoins struggle after dismal Oct

Broader crypto prices fell tracking Bitcoin, with most altcoins also nursing steep losses in October.

World no.2 crypto Ether fell 3.1% to $3,719.89, while BNB tumbled nearly 6% to $1,018.59.

XRP, Solana, and Cardano fell between 4% and 5%.

Among memetokens, Dogecoin slid over 5%, while $TRUMP rose 1.6% after wiping out a bulk of its recent gains. 

(Ambar Warrick contributed to this report.)