Bitcoin Price Tanks 7% from Record Amid Sell-Off; All Major Cryptocurrency Prices Drop On Oct 14
Earlier in October the cryptocurrency market was booming sharply after Bitcoin and other major tokens jumped to record highs after the September slump. However, crypto tokens are currently facing turbulence in trading in the last few days. with major coins like Bitcoin and Ethereum showing sharp declines. Bitcoin price, after attaining the peak of $126k, have now slipped back to the 112k range amid profit-taking trends. Over the weekend, cryptocurrency prices tumbled sharply after President Donald Trump announced a proposed 100% tariff on Chinese goods and new export controls on software.
Bitcoin Price Today
Bitcoin prices slipped 2.37%, trading at $112,577.65 with a market capitalisation of $2.25 trillion. Over the past week, BTC has fallen 7.29%.
“The crypto market is seeing a strong rebound following the sell-off triggered by Trump’s tariff announcement on China. Bitcoin has recovered over 12% from the weekend lows, while Ethereum has reclaimed the $4000 level. Hopes of possible de-escalation talks between the US and China, along with $259 million in short liquidations, have eased selling pressure, fuelling the rally. However, to confirm a sustained rally, BTC must move above the key resistance zone of $120,000, while support stands at $113,500. Any dovish signal from Jerome Powell on rate cuts during his Wednesday speech could further strengthen Bitcoin’s upward trajectory.” as per Edul Patel, CEO of Mudrex.
Ethereum Price
The Ethereum price declined 2.60%, hitting $4,064.70. Its market value stands at $492.83 billion, down 8.69% in the last week, which was a weak phase for ETH investors.
Altcoins See Mixed Performance: Major altcoins faced significant losses:
Binance Coin price dropped 8.51% to $1,212.96, though it showed a 30.87% monthly gain.
XRP, or Ripple Coin, price fell 3.86%, trading at $2.51.
Solana slightly recovered by 1.12% to $199.44 but remains down 16.86% over the month.
Dogecoin slumped 3.38%, now at $0.2033.
Other coins, including Cardano (TRON), Hyperliquid (HYPE), and Chainlink (LINK), also faced double-digit weekly losses in ongoing crypto market volatility.
Market Sentiment: Analyst’s Take
“Bitcoin continues to face significant upward pressure as the price slides to $113,500, as selling volume escalates. This seems to have less impacted the other tokens within the top 10, as Ethereum sustains above $4100, BNB above $1200, and Solana above $200. However, XRP, Cardano, and Dogecoin are struggling to secure the range above their respective resistance. Synthetix remains the top gainer for the day with over a 26% rise, followed by Story at 23.68% and MYX Finance by over 15%. On the other hand, Zcash plunges by over 13%, followed by Aster and Artificial Superintelligence Alliance by 4.83% and 3.98%, respectively. As the BTC price displayed some strength, the total spot ETF trading volume surpassed $1 billion in just a few minutes.” as per the CoinDCX Research Team
