Despite recent interest rate cuts and cautious signs of easing trade tensions between the US and China, the cryptocurrency market remains under pressure. The total market capitalization fell by 1.7% over the past 24 hours to $3.7 trillion.
Bitcoin dropped below the $110,000 mark, while Ethereum lost another 2%, widening its distance from the $4,000 level. BNB, XRP, and Solana also declined by up to 3%. Among the few gainers was Zcash, which rose by 10%. The Fear & Greed Index fell another five points to 29, signaling growing market uncertainty.
Although there are positive signals in the trade dispute between Washington and Beijing — the US has eased export restrictions on Chinese tech companies, while China has temporarily suspended its controls on rare earth exports — the market has yet to benefit. Even the recent key rate cut and the Federal Reserve’s announcement of ending quantitative tightening have failed to lift sentiment.
Instead of the anticipated “Uptober” rally, Bitcoin is down more than 3% for the month — marking its weakest October since 2018.