Bitcoin price today: sinks to $107k as recovery stalls, "Uptober" cheer fizzles

Investing.com-- Bitcoin fell on Tuesday, sharply 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 nearly 3% to $107,712.3 by 01:43 ET (05:43 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.

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 5.3% to $3,859.65, failing to hold the coveted $4,000 level. 

XRP fell 2.2% to $2.4145, 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 fell 5.7%, while Cardano and Solana lost between 4% and 6%. 

In memecoins, Dogecoin fell 4.3%, while $TRUMP fell 3.1%.