It wasn’t a particularly good week for Bitcoin and the broader crypto market, as almost all charts are deep in the red on a 7-day scale.
The downturn began at the end of the previous business week after BTC jumped to $118,000 on Thursday morning following the Fed’s expected rate cut. However, the asset’s rally ran its course prematurely, and it started to lose value gradually, dropping to $116,000 by Friday.
The weekend unfolded as anticipated, with little to no action. Then came the familiar Monday drop. Bitcoin went from just over $115,500 to $112,000, wiping out billions of dollars worth of leveraged positions. The bulls tried to halt the freefall, briefly pushing BTC to $114,000 on Tuesday. However, the bears quickly reemerged and initiated another couple of consecutive leg downs.
The culmination took place earlier on Friday when BTC plunged to $108,600 — its lowest price tag since the start of the month. Perhaps the most evident reason behind this collapse is the latest comments from US Fed Chair Jerome Powell. The head of the central bank sent mixed signals regarding inflation levels, which were interpreted as a warning sign for riskier assets like crypto.
Although BTC has recovered some ground since its local low, it is still beneath $110,000 as of press time. Its 6.2% weekly decline, however, seems negligible compared to massive double-digit drops from the likes of ETH, DOGE, SOL, ADA, LINK, AVAX, and especially HYPE, which is down by over 25% following the rise of a new competitor — more on that later.
These price collapses are best highlighted by the total market cap’s plunge, which fell from over $4.150 trillion last Friday to under $3.850 trillion as of now.
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**Market Data**
– Market Cap: $3.840T
– 24H Volume: $238B
– BTC Dominance: 56.8%
**Cryptocurrency Prices**
– BTC: $109,200 (-6.2%)
– ETH: $3,920 (-13%)
– XRP: $2.75 (-9%)
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### This Week’s Crypto Headlines You Can’t Miss
**Tether Seeks $20B Funding at $500 Billion Valuation, Dwarfing Circle**
The company behind the world’s largest stablecoin reaffirmed its dominance in the crypto market by securing somewhere between $15 and $20 billion for a 3% stake, according to a recent report. This implies a valuation of roughly $500 billion—far surpassing its closest rival, Circle, which is valued at $30 billion.
**Fear and Greed Index Hits 5-Month Low as BTC Drops to $109K: Warning or Buying Opportunity?**
After losing roughly $10,000 since last Thursday’s peak, market sentiment has understandably turned grim. The popular Fear and Greed Index plunged to its lowest level in roughly five months as a result.
**SBF’s ‘gm’ Tweet Sparks Speculation of Comeback Amidst New Solana-Based Perp DEX**
FTX’s notorious former leader made a simple but loud return to social media this week by posting a minor “gm” message on X. The tweet had a dramatic impact on FTT’s price and led to speculation about a new Solana-based perpetual decentralized exchange (DEX).
**The Bitcoin Bear Market Is Here: Hyperliquid’s Competitor Surpasses It in Volume**
The meteoric rise of ASTER and its native token has helped one whale turn a $300,000 investment into a $7 million fortune in just weeks, marking a significant shift in market dynamics.
**Analysts Predict Massive “Uptober” Rally Despite This Week’s Market Rout**
Ending on a hopeful note, several crypto analysts have outlined bullish projections for October (often referred to as “Uptober”), including predictions of a price surge to new all-time highs.
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### Charts
This week, we feature an in-depth chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid. [Click here for the complete price analysis.](#)
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Stay tuned for more updates as the crypto market continues to evolve.
https://bitcoinethereumnews.com/bitcoin/300b-wiped-from-crypto-markets-in-days-as-btc-tanks-below-110k-after-powell-speech-your-weekly-recap/?utm_source=rss&utm_medium=rss&utm_campaign=300b-wiped-from-crypto-markets-in-days-as-btc-tanks-below-110k-after-powell-speech-your-weekly-recap
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