Market Overview
The crypto market has fallen by 1.4% over the past 24 hours to $2.86T. The market experienced its sharpest decline during the period of lowest liquidity – just before the start of active trading in Asia – which accounted for the significant drop. That said, buyer support materialised around the seven-day lows, but the decline is broadly based. Of the nearly forty actively traded coins, none are rising, with declines ranging from −0.2% for Avalanche and −0.7% for BNB to −8.4% for Filecoin and Polkadot.
Bitcoin has plummeted to $84K. Modest attempts by the bulls to push the price back into the triangle on Tuesday proved unsuccessful, and the failure to hold above $87K once again triggered a sell-off, with a sharp drop to $83.6K at the start of the day. A more worrying signal would be a fall below $83K, where the most recent local lows are concentrated, opening the way for a rapid decline to $80K. This is a highly likely scenario over the next couple of days, given caution in US indices following new highs, the resumption of sell-offs in debt markets, and the strengthening of the dollar.
News Background
On 6 October 2025, Bitcoin set an all-time high above $126K, but is now trading 33% lower. In previous cycles, the coin lost 75–82% of its value a year after peaking. Experts attribute this mild decline to ETFs and government reserves. The flip side of the asset’s maturation has also been less dramatic growth during the bull market.
Investors are withdrawing bitcoins from Binance at a record pace not seen in over three years. The weekly outflow of 23,100 BTC was the highest since June 2023. CryptoQuant cites this as a sign of accumulation and support for the price.
Buying Bitcoin on the day of the US mid-term elections has never resulted in a loss over the last three cycles. On average, after 12 months, these investments yielded around 54%, according to analyst Quentin François. The next such election will take place on 3 November 2026.
Bitcoin could reach $90K in the coming weeks. The main obstacles are US Treasury yields rising above 5% and high oil prices, according to Bitget Research. In the base case scenario, targets by the end of 2026 could be in the $100K–$110K range. Ethereum appears weaker because large investors are less keen to buy it.
According to a CoinShares survey, 91% of investors in the US, the UK, and Germany plan to increase their cryptocurrency investments by the end of the year. The majority of respondents stated that they hold digital assets: ranging from 54% in Sweden to 70% in the US, the UK, Germany and Switzerland.
Trading volume on prediction markets reached a record $188 billion in the third quarter; the figure rose by almost 70% quarter-on-quarter and 21-fold year-on-year, according to CryptoRank. The Kalshi platform made the largest contribution, with its quarterly turnover more than doubling.
The FxPro Analyst Team
