Bitcoin Dips to $121K as Profit-Taking Cools Record Rally
Bitcoin fell slightly on Friday, with traders taking profits after the world’s largest cryptocurrency surged to new record highs earlier this week.
The recent rally had been fueled by rate-cut optimism and easing geopolitical tensions, which boosted overall risk appetite in global markets.
At 01:53 ET (05:53 GMT), Bitcoin traded at $121,525, down 0.5% for the day. Despite this pullback, it remained up 6.2% for October, keeping hopes for a strong “Uptober” alive.
Bitcoin Faces Mild Weekly Loss After Record High
Bitcoin touched an all-time high of over $126,000 earlier in the week but struggled to sustain momentum.
Analysts said the crypto’s weekly performance remained muted as traders locked in gains from the record surge.
October has historically been a bullish month for Bitcoin.
In 2023, the coin gained nearly 11% in October, followed by a massive 37% rally in November, driven by Donald Trump’s 2024 election victory, which boosted investor optimism across risk assets.
Recent weakness, however, was linked to profit-taking and lingering doubts about the long-term role of Bitcoin in corporate treasuries.
Market sentiment was also pressured by concerns over a potential U.S. government shutdown and uncertainty surrounding future interest rate moves by the Federal Reserve.
UK Investment Giant Questions Bitcoin’s Value
Adding to the cautious tone, Hargreaves Lansdown, the UK’s largest retail investment platform, told investors this week that Bitcoin has “no intrinsic value.”
The statement came shortly after the UK Financial Conduct Authority (FCA) lifted its four-year ban on retail investors buying crypto-linked products.
The policy shift means UK investors will soon be able to access regulated exchange-traded crypto products, similar to U.S. Bitcoin ETFs approved earlier this year.
Hargreaves argued that Bitcoin is “not an asset class,” noting that crypto lacks the characteristics of traditional growth or income investments.
Still, the platform acknowledged that some clients will continue to speculate on cryptocurrency markets, suggesting it may eventually offer limited crypto exposure in the future.
Altcoins Trade Mixed as Momentum Fades
The broader crypto market was mostly flat on Friday, mirroring Bitcoin’s subdued action.
Ether slipped 1.4% to $4,365, while XRP was stable at $2.82.
Solana fell 2%, Binance Coin dropped 2.7%, and Cardano inched up 0.4%.
Among meme coins, Dogecoin rose 1.5%, while $TRUMP token declined 2.3%, extending its weekly losses.
With trading volumes light and macro signals mixed, analysts say the crypto market could remain range-bound until stronger catalysts emerge.
