Bitcoin Price Holds Near $110K as ‘Uptober’ Rally Fails to Deliver
Bitcoin edged slightly higher on Friday but looked set to end October in the red, breaking its usual “Uptober” trend. Heightened U.S.–China trade tensions and growing economic uncertainty have weakened investor appetite for cryptocurrencies throughout the month.
The world’s largest crypto rose 1.3% in the past 24 hours to $109,850, yet remained down 3.9% for October, reflecting persistent market caution.
Trade Tensions and Fed Outlook Weigh on Sentiment
Optimism briefly returned after a recent meeting between U.S. President Donald Trump and China’s Xi Jinping, but progress toward a concrete trade deal still appears distant.
Meanwhile, hawkish signals from the Federal Reserve earlier this week added pressure to the crypto market, as investors scaled back expectations of further rate cuts.
Even a strong rally in U.S. technology stocks, fueled by AI enthusiasm, had little effect on Bitcoin’s muted performance.
Bitcoin Faces First October Loss Since 2018
Bitcoin is now heading for its first October loss in seven years, defying its typical seasonal uptrend. Traders often call this pattern “Uptober,” referring to Bitcoin’s historical tendency to rally in October.
However, this year’s decline reflects shifting macroeconomic dynamics, including risk-off sentiment and renewed volatility in global markets.
The token’s brief flash crash earlier in the month pulled it back from record highs, and since then, Bitcoin has struggled to reclaim the $110,000 mark.
On-chain and derivatives data suggest traders remain hesitant to take large directional bets amid ongoing uncertainty.
Crypto Markets Decouple From Tech Stocks
While U.S. tech stocks surged to record highs in October, buoyed by AI optimism, Bitcoin and the broader crypto market moved in the opposite direction.
The Nasdaq Composite is set to gain over 4% this month, highlighting the growing divergence between crypto assets and traditional equities.
Strategy and Coinbase Earnings Lift Sentiment
There were bright spots in the crypto space. Strategy Inc. (NASDAQ:MSTR), the world’s largest corporate Bitcoin holder, posted stronger-than-expected third-quarter earnings, sending its shares up 6%.
Chairman Michael Saylor reaffirmed his bullish stance, projecting Bitcoin could reach $150,000 by the end of 2025.
Coinbase Global Inc. (NASDAQ:COIN) also reported robust results, with shares jumping more than 8% on Friday. The exchange’s transaction revenue more than doubled year-on-year to $1.05 billion, while net income surged to $432.6 million, or $1.50 per share — far above analyst expectations.
Revenue from its subscription and services division grew 34% to $746.7 million, underscoring the company’s diversification beyond trading.
Altcoins Post Steep October Declines
Most altcoins mirrored Bitcoin’s downturn in October. Ethereum (ETH) rose 2% on Friday to $3,853, but still posted a 7% monthly decline. XRP slipped 12.3%, while Solana dropped 10%.
Cardano (ADA) underperformed sharply, plunging 24% for the month.
BNB was the standout performer, set to rise over 7% in October. Among memecoins, Dogecoin fell 20%, while $TRUMP gained 10.5% after a strong week of trading.
