Crypto Price Analysis 10-22: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, FILECOIN: FIL

The cryptocurrency market registered a sharp drop on Tuesday. The drop was likely due to renewed trade tensions between the US and China after President Donald Trump threatened to cancel the upcoming meeting with Xi Jinping. As a result, market sentiment soured, wiping out gains from the latest recovery. 

Bitcoin (BTC) briefly crossed the $113,000 mark on Tuesday as market sentiment improved following a sluggish start to the week. However, President Trump’s latest escalation with China saw investor sentiment turn cautious again. As a result, BTC slumped below $110,000 and moved to its current level. BTC is marginally up over the past 24 hours, trading around $108,139. 

Ethereum (ETH) reclaimed $4,000 on Tuesday and reached an intraday high of $4,107. However, it lost momentum after reaching this level and fell below $4,000. The altcoin is down nearly 1% over the past 24 hours, trading around $3,847. Ripple (XRP) is down 0.80%, while Solana (SOL) is marginally down, trading around $184. Dogecoin (DOGE) is down over 1%, while Cardano (ADA) is down 0.80%. Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) have also registered substantial declines over the past 24 hours. 

Bitcoin Whale Raises Short Position To $227M 

A crypto whale, called the “Trump insider”, has raised their short position to 2,100 BTC, worth 227 million. The bearish stance comes as Bitcoin (BTC) hovers around the $108,000 mark, with traders debating whether the recent recovery has already peaked. According to reports, the trader transferred 3,003 BTC, worth $338 million, to Binance on Wednesday, indicating a potential repositioning or profit-taking. The transaction comes after another deposit of 200 BTC, which the trader used to expand their short position a day prior. 

According to data from Hyperbot, the whale’s position carries a floating profit of $5.8 million. The trader’s recent activity indicates a clear pattern of aggressive bearish positioning. The trader moved $30 million in USDC to Hyperliquid earlier this week and opened a $76 million short. The whale also increased his exposure to BTC just days prior as BTC attempted a recovery from last week’s decline. The timing of the trades has reignited debate within the crypto ecosystem, with many believing the trader is positioning themselves for another market correction. 

Andre Cuomo’s Crypto Bet May Not Pay Off 

Andrew Cuomo is lagging behind Democratic frontrunner Zohran Mamdani despite unveiling a plan to make New York City a crypto hub. Cuomo announced plans to create a new office responsible for attracting emerging tech, blockchain, and crypto companies. The move comes after similar initiatives by outgoing Mayor Eric Adams. However, the last-minute outreach to the crypto industry may not be enough for Cuomo. 

Cuomo’s campaign announced on Sunday that if elected, he would create a “chief innovation officer” to attract businesses in emerging technologies. He also proposed an “innovation council” comprising executives from the blockchain, biotech, and artificial intelligence communities. 

“The next mayor must make sure we’re also leading in the technologies that will define the next century — AI, blockchain, and biotech. That’s what this position is about: Keeping New York City not just competitive, but dominant in the global innovation economy.”

Asian Stock Exchanges Lead Pushback Against Crypto Treasuries 

Stock exchanges in India, Hong Kong, and Australia are reportedly blocking or restricting companies from becoming digital asset treasury vehicles. According to sources, Hong Kong Clearing & Exchange Ltd. has reportedly blocked five companies from becoming digital asset treasuries, citing rules against “cash companies” that hold primarily liquid assets. The Bombay Stock Exchange also rejected a listing application from a company after it announced plans to invest in crypto. Lastly, Australia’s ASX has barred companies from holding more than half of their balance sheet in assets like crypto, making digital asset treasuries virtually impossible. 

However, Japan is the outlier, with stock exchanges based in the country open to the idea of digital asset treasuries. Japan has allowed digital asset treasuries with proper disclosures, and has fourteen listed Bitcoin treasuries, including Metaplanet. 

Tether’s USDT Reaches 500 Million Users 

Tether CEO Paolo Ardoino has revealed that USDT now serves 500 million users worldwide. Ardoino attributed this growth to global demand and widespread adoption in emerging economies. Tether has been making efforts to expand its presence in emerging markets where USDT is used in remittances and payments. It has also expanded its efforts to promote grassroots adoption of USDT, engaging with communities to integrate the stablecoin into everyday life. 

Such efforts significantly boosted USDT circulation, cementing its importance in underdeveloped and underserved regions of the world. Ardoino believes direct engagement with local communities has helped ensure USDT adoption beyond centralized exchanges and apps. USDT’s presence has grown in Africa, Southeast Asia, and Latin America. Its use in retail payments and peer-to-peer transfers has also maintained steady growth. 

Coinbase Buys Investment Platform Echo In $375 Million Deal 

Coinbase has announced the acquisition of investment platform Echo in a $375 million cash and stock deal as it looks to integrate fundraising tools to its platform. Deals in the crypto ecosystem have increased as the Trump administration encourages companies to expand their business in the US. Echo makes raising capital and investing more accessible to the crypto community through private and public token sales. Coinbase stated in a blog post, 

“We want to create more accessible, efficient, and transparent capital markets.”

Bitcoin (BTC) Price Analysis 

Bitcoin’s (BTC) recovery fizzled out on Tuesday after reaching an intraday high of $114,082. Investor sentiment soured as President Trump renewed tensions with China, threatening that the planned meeting with Xi Jinping may not go ahead. As a result, market sentiment turned cautious as prices fell yet again. BTC started the week in positive territory, rising nearly 2% on Monday to reclaim $110,000 and settle at $110,568. The price reached an intraday high of $114,082 on Tuesday. However, buyers lost momentum after reaching this level, and the price fell 1.99% to $108,362. BTC is marginally down during the ongoing session, trading around $108,242. 

Markets were positive during the first half of Tuesday, with spot Bitcoin ETFs recording inflows as BTC briefly crossed $114,000. According to data from SoSoValue, the 12 spot Bitcoin ETFs registered $477 million in net inflows on October 21, breaking a four-day outflow streak that saw over $1 billion in outflows. Unsurprisingly, BlackRock’s IBIT registered the most inflows with $210 million, followed by ARK 21Shares ARKB with $162.85 million. Fidelity’s FBTC and Bitwise’s BITB also registered healthy inflows, bringing in a combined $104.33 million. Despite over $1 billion in outflows last week, spot Bitcoin ETFs have registered over $4.21 billion in net inflows so far in October, surpassing September’s $3.53 billion. 

Investor sentiment had improved on Tuesday after officials hinted the government shutdown could end this week. However, President Trump’s threats to call off a scheduled meeting with Xi Jinping have derailed investor sentiment, driving BTC and other cryptocurrencies into bearish territory. 

Investors are also waiting for the upcoming US Consumer Price Index (CPI) report on Friday. Analysts predict a 3.1% year-over-year increase for September. Markets are already expecting a 25 bps rate cut by the Federal Reserve following the FOMC meeting next week. Rate cuts are typically beneficial for assets like BTC. 

BTC failed to hold on to its rebound. However, it stopped short of “filling” the latest gap in CME Group’s Bitcoin futures market. These gaps result from futures closing at one price point and opening at another, and are generally created over the weekend. The markets tend to “fill” these gaps by returning to the space between the open and closing levels. Trader Daan Crypto Trades stated in a post on X, 

“BTC opened with a small CME gap below this week. Price did come down to close some of it, but there’s still a bit left. So good to keep that in mind if the price were to trade close to it. Besides that, we did close the big gap at $110K last week. This was a gap that was left behind at the end of September before BTC rallied to new all-time highs.”

The trader added, 

“The bulls would want to hold $107K going forward. If this were to start grinding back down and get close to last Friday's wick, then that'd just show a lot of weakness to me.”

BTC and the broader crypto market crashed last Friday (October 10), after President Trump announced 100% tariffs on Chinese goods and new export controls for software. The announcement was made in retaliation for China's imposing restrictions on rare earth mineral exports. As a result, BTC plunged to $102,000 on Binance before recovering and settling at $112,980. Selling pressure persisted on Saturday as the price fell almost 2% to $110,768. Despite the overwhelming selling pressure, markets recovered on Sunday as BTC rose nearly 4% to reclaim $115,000 and settle at $115,067. The price faced selling pressure and volatility on Monday, ultimately registering a marginal increase and settling at $115,274.

Source: TradingView

Selling pressure returned on Tuesday as BTC fell to an intraday low of $109,945. It recovered from this level to reclaim $113,000 and settle at $113,068, ultimately dropping 1.91%. Sellers retained control on Wednesday as the price fell 2% to $110,804. Bearish sentiment persisted on Thursday as BTC fell below $110,000 and settled at $108,198. The price plunged to $103,516 on Friday as selling pressure intensified. However, it recovered from this level to settle at $106,463, ultimately dropping 1.60%. BTC rose on Saturday, rising 0.70% to reclaim $107,000 and settle at $107,208. Buyers retained control on Sunday as the price rose over 1% to cross $108,000 and settle at $108,676. Bullish sentiment intensified on Monday as BTC’s recovery continued. As a result, the price rose nearly 2% to reclaim $110,000 and settle at $110,568.

BTC reached an intraday high of $114,082 on Tuesday. However, market sentiment soured and buyers lost momentum. As a result, the price fell 1.99% to $108,362. BTC is down almost 1% during the ongoing session, trading around $107,594.

Ethereum (ETH) Price Analysis

Ethereum (ETH) briefly reclaimed the $4,000 level on Tuesday, reaching an intraday high of $4,111. However, market sentiment soured after President Trump’s comments regarding the upcoming meeting with Xi Jinping. As a result, the altcoin fell nearly 3% and settled at $3,876. ETH is down over 1% during the ongoing session, trading around $3,832.

Like BTC, ETH’s price outlook improved on Tuesday as it crossed $4,000. Spot Ethereum ETFs also registered notable inflows, reversing days of outflows. Market activity has increased, with the 24-hour trading volume rising 35% to $45.8 billion. Derivative volume also registered a sharp jump, rising 57% to $114 billion. Open interest also registered a marginal increase on Tuesday, suggesting traders were beginning to rebuild positions after last week’s correction. Spot Ethereum ETFs recorded $141 million in net inflows on October 21. According to data from SoSoValue, Fidelity’s FETH led the inflows with $59 million, followed by BlackRock’s ETHA with $42 million.

Grayscale’s Mini ETH and ETHE registered outflows of $22.58 million and $13.134 million. ETH price action could turn positive after the US Consumer Price Index (CPI) report on Friday. Analysts predict a 3.1% year-over-year increase for September. Markets are already expecting a 25 bps rate cut by the Federal Reserve following the FOMC meeting next week.

ETH plunged to an intraday low of $3,444 on Friday (October 10) after President Trump announced 100% tariffs on Chinese imports and export controls on key software. It recovered from this level to settle at $3,836, ultimately dropping over 12%. Selling pressure persisted on Saturday as the fell 2.21% to $3,752. ETH recovered on Sunday, rising nearly 11% to reclaim $4,000 and settle at $4,158. Buyers retained control on Monday as the price rose over 2% and settled at $4,224. ETH plunged to an intraday low of $3,895 on Tuesday as selling pressure intensified. However, it recovered from this level to reclaim $4,000 and settle at $4,129, ultimately dropping $4,129.

Source: TradingView

Sellers retained control on Wednesday as the price fell over 3%, slipping below $4,000 to $3,988. ETH lost momentum on Thursday despite starting the day in positive territory and dropped over 2% to $3,896. Selling pressure persisted on Friday as the price fell to an intraday low of $3,680 before settling at $3,834. Despite the overwhelming selling pressure, ETH recovered on Saturday, rising 1.52% to $3,892. Buyers retained control on Sunday as the price rose over 2% and settled at $3,985. Volatility returned on Monday as buyers lost momentum after crossing $4,000. ETH ultimately registered a marginal drop and settled at $3,981. ETH reached an intraday high of $4,111 on Tuesday. However, it lost momentum after reaching this level and dropped almost 3% to $3,876. ETH is down nearly 1% during the ongoing session, trading around $3,844.

Solana (SOL) Price Analysis

Solana’s (SOL) momentum faded on Tuesday despite starting the week in positive territory. The altcoin rose 0.95% on Monday despite volatility and settled at $189. It reached an intraday high of $197 on Tuesday but lost momentum after reaching this level, dropping over 2% to $185. SOL is marginally up during the ongoing session, trading around $186.

However, in a major positive development for SOL, Hong Kong’s securities regulator has approved the first Solana ETF. The ETF will be managed by China Asset Management (Hong Kong) and start trading on October 27. The approval makes Solana the third cryptocurrency to receive clearance for a spot ETF in Hong Kong, following BTC and ETH. Solana’s global ETF momentum has picked up in recent weeks. The 21Shares Solana Spot ETF received approval earlier this month after the company received approval for its 8-A filing with the SEC. The approval allows 21Shares to custody SOL and trade on major American exchanges.

SOL started the previous weekend deep in bearish territory as markets crashed. As a result, the price tanked to an intraday low of $170 before settling at $188, ultimately dropping over 14%. Sellers retained control on Saturday as the price fell almost 6% to $177. SOL made a strong recovery on Sunday, rising nearly 11% and settling at $197. The price continued pushing higher on Monday, rising almost 6% to reclaim $200 and settle at $208. Despite the positive sentiment, SOL lost momentum on Tuesday, falling to an intraday low of $191 before recovering to reclaim $200 and settling at $202. Selling pressure persisted on Wednesday as SOL fell over 4%, slipping below $200 and settling at $192. Price action remained bearish on Thursday as the altcoin fell nearly 5% to $184.

Source: TradingView

SOL plunged to an intraday low of $174 on Friday as selling pressure intensified. However, it rebounded from this level to reclaim $180 and settle at $182, ultimately dropping 1.51%. Despite the overwhelming selling pressure, SOL recovered over the weekend, rising over 3% on Saturday and registering a marginal increase on Sunday to settle at $188. Buyers retained control on Monday as the price rose 0.95% and settled at $189. SOL reached an intraday high of $197 on Tuesday. However, it lost momentum after reaching this level, dropping over 2% to $185. SOL is marginally up during the ongoing session, trading around $186.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) plunged to an intraday low of $0.096 during the market crash on Friday. It recovered from this level and ultimately settled at $0.194. Sellers retained control on Saturday as the price fell over 4% to $0.186. DOGE made a strong recovery on Sunday, rising over 11% to cross $0.20 and settle at $0.207. The price continued pushing higher on Monday, rising almost 3% to $0.213. Despite the positive sentiment, DOGE lost momentum on Tuesday and fell over 4% to $0.203. The price fell 3.83% on Wednesday, falling below $0.20 and settling at $0.196

Source: TradingView

Sellers retained control on Thursday, DOGE fell 3.42% to $0.189. Selling pressure persisted on Friday as the price fell 2.75% to $0.189. Despite the overwhelming selling pressure, DOGE recovered over the weekend, rising over 3% on Saturday and 3.09% on Sunday to settle at $0.195. Buyers retained control on Monday as the price rose 2.46% and settled at $0.200. DOGE lost momentum on Tuesday as selling pressure returned. As a result, the price fell 3.05% to $0.191. DOGE is down over 1% during the ongoing session, trading around $0.191.

Filecoin (FIL) Price Analysis

Filecoin (FIL) fell over 20% during the market downturn on October 10. Sellers retained control on Saturday as the price fell 13.96% to $1.56. Despite the overwhelming selling pressure, FIL recovered on Sunday, rising over 6% to $1.66. The price continued pushing higher on Monday, rising almost 4% to $1.73. Buyers lost momentum on Tuesday as FIL fell to an intraday low of $1.56. It recovered from this level to settle at $1.67, ultimately dropping over 3%. Sellers retained control on Wednesday as the price fell over 4% to $1.60.

Source: TradingView

Selling pressure intensified on Thursday as FIL fell over 7% to $1.49. The price fell to an intraday low of $1.37 before settling at $1.46, ultimately dropping 1.68%. Despite the overwhelming selling pressure, FIL recovered over the weekend, rising over 2% on Saturday and 2.47% on Sunday to settle at $1.53. Buyers retained control on Monday as the price rose 2.47% and settled at $1.58. FIL reached an intraday high of $1.73 on Tuesday. However, it lost momentum after reaching this level and settled at $1.56, down 1.14%. The price is down over 2% during the ongoing session, trading around $1.52.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.