Why is Crypto Market Down Today: Bitcoin, Ethereum, XRP Prices Crash

Why Is Crypto Market Down Today: Here’s The Reason Behind The Crash

Why is the crypto market down today? Rate hike bets and rising US-Iran tension pushed prices lower across stocks, metals, and crypto.

BTC fell to $83,783.73, down 3.1% in 24 hours. The total crypto market cap slipped to about $2.96 trillion, down 2.9% on the day.

Ethereum looks similar. ETH trades at $2,674.68, down 3.2%. XRP news today is weaker, with the coin at $1.49, down 6.6%.

Crypto Prices Today: Bitcoin, Ethereum, XRP and BNB

Source: CoinGecko. Bitcoin dominance sits at 56.9%, and Ethereum dominance is at 11%. Trading volume over the last day was about $124 billion.

All four coins are still up over the past week.

Why Is the Crypto Market Down Today?

Two things hit at once: politics and interest rates.

Iran's UN speech. Iranian President Masoud Pezeshkian spoke at the UN General Assembly today. He said Iran "will never bow our head or bend at the knee." He also said the country is open to talks "without accepting the language of force."

The US delegation reportedly walked out after he accused the United States of violence against civilians. Markets began falling almost right after the speech.

Traders are now pricing in a longer US-Iran conflict. That could push oil higher and add fresh pressure on inflation.

Bond yields jumped. According to The Kobeissi Letter, the 10Y Note Yield had its largest one-day gain in 17 months. It rose 15 basis points, and later reports put it near 17.

The last move this big came in April 2025 on "Liberation Day." This time, nothing major happened. As Kobeissi put it, it was just another day in the 2026 bond market.

How Much Money Was Wiped Out as the Crypto Market Dropped Today?

Bull Theory said close to $1 trillion left US stocks, metals, and crypto within one hour. Here is the breakdown.

The Bull Theory charts show the pain was broad. The S&P 500, Nasdaq, gold, silver, the Russell 2000, and BTC all slid over the same short window.

Japan's 10-year government bond yield also rose to 3.055%. That is its highest level in 30 years.

Will the Fed Raise Interest Rates in October 2026?

Markets now think a hike is likely, and that is a big reason the crypto market is down today. CME FedWatch shows a 70.9% chance of a 25 bps hike at the October 28 meeting.

The chance of no change is 29.1%. The current target range is 375-400 bps, and a hike would move it to 400-425 bps.

Nine months ago, Kobeissi noted, markets expected a third rate cut this year.

Polymarket bets on the October decision, with $11.56 million in volume, also lean toward a hike. Rate cut odds there are below 1%.

The US composite and services PMIs rose to 58.4 and 58.7 in September. That points to higher prices paid by businesses, which adds to inflation worries.

Higher rates usually hurt risk assets like crypto. Money gets more expensive, and traders often sell.

The bond move has a real-world side too. One market commentator warned that 7.5%+ mortgage rates could be on the way if yields keep climbing.

How Many Crypto Traders Were Liquidated Today?

CoinGlass data shows $518.03 million in liquidations over 24 hours. A total of 121,418 traders were hit.

Long positions made up $455.92 million of the total. Shorts were $62.11 million. That means most traders were betting on higher prices when the drop came.

The biggest single order was a $10.04 million ETHUSDT position on Binance.

Are Bitcoin and Ethereum ETFs Still Seeing Inflows Today?

Yes, and this is the odd part. Despite the drop, US spot Bitcoin ETFs took in $347 million on September 23, per SoSoValue. BlackRock's IBIT led with $166 million.

Spot Ether ETFs added $105 million. BlackRock's ETHA brought in about $50.8 million. Combined, the two groups saw roughly $452 million.

Big buyers do not seem to be leaving.

Bitcoin Price Prediction: Can BTC Still Reach $100,000?

Analyst Ali Charts says a double bottom on the daily chart shows $82,500 as the neckline. He expects it to hold as support. His chart showed BTC at $84,276 when he posted. His target remains $100,000.

BTC rallied about 16% from $75,000 to $87,000. Now it looks like traders are taking profits. The $82,500 zone, once resistance, is now the level to watch.

The current price of $83,783 sits just above it. A close below that line would weaken the pattern.

This is one analyst's view, not a sure thing.

Ethereum Price Prediction: Can ETH Break $2,761 and Reach $3,600?

ETH tested the $2,800 zone this week, reaching about $2,807 before pulling back. The 100-week SMA sits near $2,761, and the weekly chart marks another resistance near $2,786.

Key levels for the Ethereum price prediction:

The weekly candle opened near $2,645. If ETH closes the week near $2,728, it stays about $34 below the 100-week SMA. That is not enough to confirm strength.

On the four-hour chart, ETH has shifted from bearish to bullish. The next resistance sits between $2,900 and $3,055, with $3,447 as the next major level.

Analyst Ted Pillows also points to the weekly close as key. His chart shows ETH holding above a faster support line near $2,559.

A close above the 100-week SMA could open a path toward $3,400 to $3,600. Failing to hold could bring a retest of $2,550.

XRP Price Prediction: Can XRP Hit $5.40?

XRP is trading at $1.49 and fell 6.6% in a day. Over seven days, it is still up 14.9%.

The weekly chart shows a rebound from the $1.00 to $1.10 area. The 50-week SMA is near $1.56, and the 200-week SMA is near $1.25. RSI is at about 55.85, which shows better momentum without being overbought.

The level to watch is $1.70. A weekly close above it could confirm a stronger move. Targets would then be $1.90 to $2.00, then $2.20 to $2.40.

If XRP gets rejected at $1.70, it could slide back to the $1.50 to $1.25 range. A sustained move below the 200-week SMA would hurt the recovery.

One analyst who called for a deeper drop earlier this year has softened his view after Bitcoin's strength. Another near-term view still sees weakness first.

Veteran trader Peter Brandt has a longer view. His chart work points to $5.40, and he thinks XRP could pass $5 sometime next year. It is a long-term call, not a promise.

What Should Traders Watch Next in the Crypto Market?

A few things matter in the coming days:

• Further US-Iran headlines and oil prices

• The 10Y yield and any new inflation data

• Fed rate hike odds ahead of the October 28 meeting

• Whether BTC holds above $82,500

• The ETH weekly close versus the 100-week SMA

• XRP reaction near $1.70

That covers why the crypto market is down today, but the story is not one-sided. ETF inflows remain positive, and weekly gains are still strong. Traders may see this as a pause or a bigger shift. Time will tell.

Disclaimer

This article is for information only and is not financial advice. Crypto is volatile, and prices can change fast. Analyst targets are opinions, not guarantees. Always do your own research and speak with a licensed financial advisor before you invest. Never invest more than you can afford to lose.