Bitcoin price today: dips below $109k as recovery stalls, "Uptober" cheer fizzles

Investing.com-- Bitcoin dipped on Tuesday, reversing course after a weekend rebound ran out of steam as cryptocurrencies lagged other risk markets in advancing on easing U.S.-China trade tensions.  

The world’s largest cryptocurrency headlined losses across crypto markets, even as broader risk appetite improved on Japanese political developments and expectations of more U.S.-China trade talks. 

Bitcoin fell 2.3% to $108,820 by 09:26 ET (13:26 GMT). 

Bitcoin rebound stalls, "Uptober" cheer seen waning 

Bitcoin struggled to trade above $110,000 this week after a flash crash earlier in October dragged the crypto off record highs and wiped out some $500 billion in crypto market capitalization. 

October’s flash crash was seen sparking heightened risk aversion in crypto markets, with traders wary of making large bets amid heightened volatility in the sector.

Optimism over “Uptober,” a trend of crypto markets outperforming in October, was also seen fast fading amid Bitcoin’s rout, with the world’s largest crypto nursing an over 2% loss for the month. 

“So far this year, Uptober hasn’t gone to plan for Bitcoin bulls. Instead of seasonal strength, the price action has remained subdued with an early rally fizzling midway through the month, delivering an ugly reversal that may not be over yet,” Forex.com analysts wrote in a note. 

They also noted that Bitcoin was rapidly breaking down correlations with broader risk-driven markets, especially equities. Crypto markets faltered even as Wall Street indexes hit a series of record highs in recent weeks. 

Forex.com analysts noted that Bitcoin was “lagging badly in an environment where so many high-beta markets are ripping higher.” 

This trend remained squarely in play on Tuesday. Asian stock markets rallied sharply, with Japan hitting record highs on fiscal dove Sanae Takaichi’s progress towards becoming prime minister.

Chinese markets also surged as U.S. officials made somewhat conciliatory statements on an ongoing trade dispute. But Bitcoin and crypto prices fell across the board during the Asian session.

Coinbase snaps up Echo in $375mn push into fundraising tech

Coinbase said Tuesday it is acquiring investment platform Echo in a cash-and-stock deal valued at nearly $375 million, seeking to add fundraising capabilities to its ecosystem.

Echo offers tools for private and public token sales designed to make capital raising more accessible to crypto investors. "We want to create more accessible, efficient, and transparent capital markets," Coinbase said in a blog post.

The company said it will initially focus on crypto token offerings through Echo’s Sonar platform before expanding into tokenized securities and real-world assets.

Founded two years ago by crypto trader Jordan Fish, better known as “Cobie,” Echo has facilitated more than $200 million in fundraising for blockchain projects.

Deal activity in the digital asset sector has accelerated this year amid a friendlier regulatory environment under the Trump administration, prompting firms to scale up their U.S. operations.

Crypto price today: altcoins lag, XRP little cheered by Ripple listing plans

Broader crypto prices also fell on Tuesday, tracking Bitcoin’s losses after a short-lived rebound. 

World no.2 crypto Ether slid 3.5% to $3,881.71, failing to hold the coveted $4,000 level. 

XRP fell 1.1% to $2.42, taking little support from news of a new treasury backed by issuer Ripple Labs. 

Evernorth, which is backed by Ripple, said it will list publicly on the Nasdaq through a merger with a blank-check firm, and will raise over $1 billion in proceeds to accumulate XRP. 

Among other altcoins, BNB lost 3.1%, while Cardano and Solana slid 2.4% and 3%, respectively. 

In memecoins, Dogecoin and $TRUMP fell more than 2% each. 

(Ambar Warrick contributed to this report.)